577 Amendments of Eva Maria POPTCHEVA
Amendment 21 #
2023/2058(INI)
Motion for a resolution
Recital B
Recital B
B. whereas some analysis show that rising corporate profits account for almost half of the increase in inflation in the EU over the past two years, as companies increased prices by more than the spiking costs of imported energy;
Amendment 27 #
2023/2058(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the growing trend of cross- border teleworkers, including digital nomads, has created difficultinew challenges for the taxation of labour income;
Amendment 36 #
2023/2058(INI)
Motion for a resolution
Recital E
Recital E
E. whereas thsome EU Member States rely disproportionately on labouron income taxes, social contributions and indirect taxes, such as the value added tax (VAT) or excise duties;
Amendment 79 #
2023/2058(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Notes with concern that the impacts of the COVID-19 pandemic, the subsequent energy-price shock and inflation are highly regressive, with the poorest households being hit the hardest; observes that effective tax rates rose significantly for families with children, particularly at lower income levels10 ; notes with concern that gender inequality worsened during the pandemic; and regrets that the recent crises have also significantly affected the EU SMEs; _________________ 10 OECD, ‘Double blow for workers as inflation drives real wages down and labour taxes up’, 25 April 2023.
Amendment 84 #
2023/2058(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Observes that COVID-19 financial aid in the form of tax deductions and tax credits helped many companies to overcome the negative consequences of the COVID-19 crisis, however, had a limited impact on those in the greatest need, such as the unemployed, students, pensioners, unreported workers and part- time workers;
Amendment 91 #
2023/2058(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Observes with concern that inflation has been partially driven by some companies increasing their profit margins, with, for example, Maersk’s annual pre- tax income soaring from USD 967 million in 2019 to USD 30.2 billion in 2022;
Amendment 98 #
2023/2058(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Regrets the fact thatIs of the view that MNEs that realise excess profits in times of crisis and wealthy individuals who realise significant capital gains through speculation are often undertaxed; notes that a number of EU companies, namely SMEs, have had to cease their operation as a consequence of crisis;
Amendment 106 #
2023/2058(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Is concerned that the impact of temporary VAT reductions for end consumers was limited and was more pronounced forof the view that temporary VAT reductions had only a limited impact on end consumers and that, on some occasions, this reduction was used by companies thato increased their profit margins because of these reductions;
Amendment 121 #
2023/2058(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Recognises that climate change and other external shocks, together with the digital revolution and the possibility of teleworking, are causing population displacement within the EU; underlines the right to free movement of people recognised in the Treaties and, nevertheless, acknowledges the impact that this movement has on the public finances of Member States; considers it inappropriate for the tax treatment of the exercise of the right to free movement to be agreed bilaterally between Member States and regrets the fact that, even though we are facing a common challenge, there is no common response at EU level;
Amendment 139 #
2023/2058(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to assess the effectiveness of the temporary tax incentives, including VAT reductions, applied in Member States and their impact on the EU Single Market and competitiveness, and to take measures if deemed necessary;
Amendment 156 #
2023/2058(INI)
13. Notes with concern that income inequality has increased in the last 30 years, with wealth being even more concentrated than income and capital gains being mostly realised by the top decile of the population; considers that the Member States should more effectively redistribute income and wealth through the taxation of capital gains, property and wealth; supports calls to start international-level negotiations to establish a progressive wealth tax, in the same vein as the OECD/G20 global tax deal for corporations;
Amendment 164 #
2023/2058(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Takes the view that, as the recent crisis have clearly shown that not all companies or citizens are harmed in the same way, the targeted tax policy can deliver better results than a more general approach, and that tax measures taken by Member States should in future be targeted at those who really need them;
Amendment 174 #
2023/2058(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Welcomes the adopted solidarity contribution in the EU; regrehighlights, however, its limited scope and short time span; calls on the Commission to consider a permanent excess profit tax on all sectors, in light of the growing evidthat measures such as windfall taxes should be temporary and exceptional and that the revencue that inflation is partly profit driven; believes that such taxes would curb the oligopolistic power of certain companies and boost competitiveness, while fighting inflation and raising revenueobtained needs to be used in a targeted manner;
Amendment 179 #
2023/2058(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Underlines the potential of the BEFIT initiative to provide clarity and predictability for companies, as well as sustainable tax revenues, which would help Member States to face current and future crises; recognises that simplifying the complexity of tax systems would reduce the administrative burden for SMEs and would attract foreign direct investment, thus improving the efficiency of the systems and the revenue available;
Amendment 191 #
2023/2058(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for a multilateral initiative at the UN or G20OECD Inclusive Forum to introduce minimum carbon tax standards, including a minimum rate;
Amendment 209 #
2023/2058(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Stresses the importance of EU funds to face common crises and challenges; calls for increasing EU own resources by using a portion of tax revenue in order to allow the EU more flexibility to mobilise enough funds in times of crises;
Amendment 83 #
2023/0321(CNS)
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) The lack of a common corporate tax system hinders competitiveness and creates a disadvantage compare to other markets. This initiative would combat tax avoidance while supporting growth, investment, innovation and job creation.
Amendment 95 #
2023/0321(CNS)
Proposal for a directive
Recital 6
Recital 6
(6) It is indeed critical to create a system that achieves a degree of uniformity across the Union, at least amongst the taxpayers that it is chiefly addressed to. Accordingly, and considering the efforts that both tax administrations and businesses have made in order to implement the framework of a global minimum level of taxation, it would be important to capitalise on this achievement and design rules that remain as close as possible to the OECD/G20 Model Rules and Directive (EU) 2022/2523. On this basis, the common framework of rules should begin by being mandatory for groups with a taxable presence in the Union provided that they have annual combined revenues of more than EUR 750 000 000 based on their consolidated financial statements. In this way, the scope would thus be targeted aarget from the start businesses that are most likely to have cross-border activities and, thereby, can benefit from the simplification which a common legal framework would offer. The threshold would also provide alignment with Directive (EU) 2022/2523 for a consistent approach in the Union. Adherence to BEFIT should remain voluntary for the rest of the cross-border groups and it should be promoted. The Commission should review the benefits of expanding the scope to cover all cross-border groups.
Amendment 117 #
2023/0321(CNS)
Proposal for a directive
Recital 12
Recital 12
(12) To achieve the key objective of creating a simplified corporate tax framework, the preliminary tax results for each group member should be aggregated into one single common tax base, in order to subsequently allocate this base to eligible group members. The tax adjustments to the financial statements would produce preliminary tax results for each group member. These results would then be aggregated, which would allow for cross-border loss relief between BEFIT group members, and subsequently, the aggregated tax base would be allocated to group members based on a transition allocation rule; this would pave the way towards a permanent mechanism. That permanent mechanism could be based on a formulary apportionment and would render the need for intra-BEFIT group transactions to be consistent with the arm’s length principle redundant. It would have the advantage of using more recent country-by-country reporting (‘CbCR’) data and the information gathered during the transition period. This will also allow for a more thorough assessment of the impact that the implementation of the two-pillar approach is expected to have on national tax bases and the BEFIT group tax bases. In this way, it would stillformulary apportionment. This formula would weight sales by destination and the location of assets and labour. This formula would render the need for intra-BEFIT group transactions to be come possible to materialise the key objective of tax neutrality in the internal market, which would reduce instances of double and over-taxation and enhance tax certainty with the aim of reducing the number of tax disputesnsistent with the arm’s length principle redundant.
Amendment 123 #
2023/0321(CNS)
Proposal for a directive
Recital 12 a (new)
Recital 12 a (new)
(12a) That Commission would review the allocation formula after its implementation to benefit from more recent country-by-country reporting (‘CbCR’) data and a thorough assessment of the impact of the two-pillar approach on national tax bases and the BEFIT group tax bases. The formula would also aim to reflect the importance of the market where the company conducts its business and it would include intangible assets.
Amendment 271 #
Amendment 272 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 1 – subparagraph 1
Article 45 – paragraph 1 – subparagraph 1
Amendment 277 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 1 – subparagraph 2
Article 45 – paragraph 1 – subparagraph 2
Amendment 278 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 2 – introductory part
Article 45 – paragraph 2 – introductory part
2. The baseline allocation percentage for each BEFIT group member shall be the result of the following computation:labour factor shall consist, as to one half, of the total amount of the payroll of a BEFIT group member as its numerator and the total amount of the payroll of the BEFIT group as its denominator, and as to the other half, of the number of employees of a BEFIT group member as its numerator and the number of employees of the BEFIT group as its denominator. Where an individual employee is included in the labour factor of a BEFIT group member, the payroll relating to that employee shall be allocated to the labour factor of the same BEFIT group member. The number of employees shall be measured at the end of the tax year and the definition of an employee shall be determined by the national law of the Member State where the employment is exercised.
Amendment 279 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 2 – subparagraph 1
Article 45 – paragraph 2 – subparagraph 1
Amendment 282 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 2 – subparagraph 2
Article 45 – paragraph 2 – subparagraph 2
Amendment 283 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 2 – subparagraph 2 – point a – paragraph 1
Article 45 – paragraph 2 – subparagraph 2 – point a – paragraph 1
Amendment 284 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 2 – subparagraph 2 – point a – paragraph 2
Article 45 – paragraph 2 – subparagraph 2 – point a – paragraph 2
Amendment 285 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 2 – subparagraph 2 – point a – paragraph 3
Article 45 – paragraph 2 – subparagraph 2 – point a – paragraph 3
Amendment 286 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 2 – subparagraph 2 – point a – paragraph 4
Article 45 – paragraph 2 – subparagraph 2 – point a – paragraph 4
Amendment 287 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 2 – subparagraph 2 – point a – paragraph 5
Article 45 – paragraph 2 – subparagraph 2 – point a – paragraph 5
Amendment 288 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 2 – subparagraph 2 – point b
Article 45 – paragraph 2 – subparagraph 2 – point b
Amendment 290 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 2 – subparagraph 3
Article 45 – paragraph 2 – subparagraph 3
Amendment 294 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 3 – introductory part
Article 45 – paragraph 3 – introductory part
3. For the purpose of paragraph 2, Member States shall structure their risk assessment framework for the pricing of intra-BEFIT group transactions as follows:Employees shall be included in the labour factor of the group member from which they receive remuneration. By way of derogation, where employees physically exercise their employment under the control and responsibility of an entity other than that from which they receive remuneration, those employees as well as the amount of payroll related to them shall be included in the labour factor of the former entity. This rule shall only apply where all of the following conditions are met: (a) the employment lasts for an uninterrupted period of at least three months; (b) those employees represent at least 5 % of the overall number of employees of the group member from which they receive remuneration. Employees shall include persons who, although not employed directly by a BEFIT group member, perform tasks similar to those performed by employees. Payroll shall include all costs of salaries, wages, bonuses and all other employee compensation, including related pension and social security costs borne by the employer as well as expenses of the employer corresponding to the cost of persons as referred to in this paragraph. Payroll costs shall be valued at the amount of expenses that are treated as deductible by the employer in a tax year.
Amendment 295 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 3 – point a
Article 45 – paragraph 3 – point a
Amendment 297 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 3 – point b
Article 45 – paragraph 3 – point b
Amendment 300 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 4 – subparagraph 1 – introductory part
Article 45 – paragraph 4 – subparagraph 1 – introductory part
Amendment 301 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 4 – subparagraph 1 – point a
Article 45 – paragraph 4 – subparagraph 1 – point a
Amendment 302 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 4 – subparagraph 1 – point b
Article 45 – paragraph 4 – subparagraph 1 – point b
Amendment 304 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 4 – subparagraph 2
Article 45 – paragraph 4 – subparagraph 2
Amendment 305 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 4 – subparagraph 2 a (new)
Article 45 – paragraph 4 – subparagraph 2 a (new)
Regarding valuation, the following rules shall apply: (a) Land and other non-depreciable fixed tangible assets shall be valued at their original cost. (b) An individually depreciable fixed tangible asset shall be valued at the average of its value for tax purposes at the beginning and at the end of a tax year. Where, as a result of one or more intra- group transactions, an individually depreciable fixed tangible asset is included in the asset factor of a BEFIT group member for less than a tax year, the value to be taken into account shall be calculated having regard to the number of months that the asset was included in the asset factor of that BEFIT group member. (c) The renter or lessee of an asset of which it is not the economic owner shall value that rented or leased asset at eight times the net annual rental or lease payment due, less any amounts receivable from sub-rentals or sub-leases. A BEFIT group member renting out or leasing an asset of which it is not its economic owner shall value that rented or leased asset at eight times the net annual rental or lease payment due. (d) An asset sold by a BEFIT group member to a person outside the BEFIT group following an intra-group transfer in the same or the previous tax year shall be included in the asset factor of the transferring BEFIT group member for the period between the intra-group transfer and the sale to the person outside the BEFIT group, except where the BEFIT group members concerned demonstrate that the intra-group transfer was made for genuine commercial reasons.
Amendment 306 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 5
Article 45 – paragraph 5
5. Notwithstanding Article 13(2), the exceThe sales factor shall consist of the total sales allocated to a BEFIT group member as its numerator and the total sales of the BEFIT group as its denominator. Sales of goods shall be included in the sales factor of the BEFIT group member located ing borrowing costs as referred to in Article 2 of Council Directive (EU) 2016/1164 which arise from a transaction between BEFIT group members shall not be recogniz the Member State where the dispatch or transport of the goods to the person acquiring them ends. Where that place cannot be determined, the sales of goods shall be attributed to the BEFIT group member located in the Member State of the last identifiable location of the goods. Supplies of services shall be included in the sales factor of the BEFIT group member located in the Member State where the services are physically carried out or actually supplied. Where there is no BEFIT group member in the Member State where the goods are delivered for the purpose of computing the baseline allocation percentage of the BEFIT group member which incurs such costservices are supplied, or where goods are delivered or services are supplied in a third country, the sales of goods and supplies of services shall be included in the sales factor of all BEFIT group members in proportion to their labour and asset factors. Where there is more than one BEFIT group member in the Member State where the goods are delivered or the services are supplied, the sales shall be included in the sales factor of all BEFIT group members located in that Member State in proportion to their labour and asset factors.
Amendment 309 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 6
Article 45 – paragraph 6
6. If the structure of the BEFIT group changes during the transition period refThe Commission is empowerred to in paragraph 1 due to new members joining the group or members leaving the group, the baseline allocation percentage shall be re- computed in accordance with paragraph 2. For each BEFIT group member, the BEFIT tax baseadopt delegated acts in accordance with Article 74 to supplement this Directive by laying down detailed rules on the calculation of the labour, asset and shall be allocated in accordance with the new baseline allocation percentage for the time that remains until the end of this period, unless subsequent changes in the structure of the BEFIT group require a new re-computation of the baseline allocation percentagees factors, the allocation of employees and payroll, assets and sales to the respective factor and the valuation of assets.
Amendment 311 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 7
Article 45 – paragraph 7
Amendment 312 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 8
Article 45 – paragraph 8
Amendment 315 #
2023/0321(CNS)
Proposal for a directive
Article 45 – paragraph 9
Article 45 – paragraph 9
9. The Commission shall carry out a comprehensive review of the transiallocation rule as part of which it shall prepare a study on the possible composition and weight of selectedinclusion of elements such as intangible assets and the presence in a market as formula factors and submit a report to the Council by the end of the third fiscal year during the transition period referred to in paragraph 1after the approval of this Directive. If the Commission deems it appropriate, taking into account the conclusions of this report, it may adopt a legislative proposal during the transition period, to amend this Directive by introducing a method for the allocation of the BEFIT tax base using formulary apportionment and based on factors, to amend this Directive.
Amendment 76 #
2023/0320(CNS)
Proposal for a directive
Article 3 – paragraph 1 – point 6
Article 3 – paragraph 1 – point 6
(6) ‘taxable result of the permanent establishment’ means the taxable income or loss attributed to the permanent establishment and computed in accordance with the Head Office Taxation rules;
Amendment 80 #
2023/0320(CNS)
Proposal for a directive
Article 4 – paragraph 1 – point a
Article 4 – paragraph 1 – point a
(a) the joint turnover of its permanent establishments did not exceed, for the last two fiscal years, an amount equal to double the turnover generated by the head office in the head office Member State;
Amendment 83 #
2023/0320(CNS)
Proposal for a directive
Article 4 – paragraph 1 – point b
Article 4 – paragraph 1 – point b
(b) it has been resident for tax purposes in the head office Member State during the last two fiscal years or, if more recently, since the establishment of the head office;
Amendment 86 #
2023/0320(CNS)
Proposal for a directive
Article 4 – paragraph 1 – point c
Article 4 – paragraph 1 – point c
(c) it has met the conditions laid down in Article 2(1), point d) for the last two fiscal years or, if more recently, since the establishment of the head office.
Amendment 89 #
2023/0320(CNS)
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
2. If the head office opts to apply the head office taxation rules in accordance with paragraph 1, it shall apply those rules to all its permanent establishments in other Member States. If it creates a new permanent establishment in another Member State, it shall apply head office taxation rules to such permanent establishment from the moment of its establishment. In that case the head office should inform the host Member State that it has opted to apply the head office taxation rules in accordance with paragraph 1;
Amendment 99 #
2023/0320(CNS)
Proposal for a directive
Article 6 – paragraph 3 – subparagraph 4
Article 6 – paragraph 3 – subparagraph 4
If the filing authority concludes that the eligibility requirements are not met, it shall inform the head office within two months of the notification referred to in paragraph 1 and the head office may appeal against it in accordance with the national law. The decision of the filing authority shall only have legal effects as of the following fiscal year.
Amendment 115 #
2023/0320(CNS)
Proposal for a directive
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
(b) for the last two fiscal years, the joint turnover of its permanent establishments exceeded an amount which is equal to triple the turnover of the head office in the head office Member State.
Amendment 117 #
2023/0320(CNS)
(b a) the SMEs referred to in Article 2(1) set up one or more subsidiaries;
Amendment 118 #
2023/0320(CNS)
Proposal for a directive
Article 8 – paragraph 1 – point b b (new)
Article 8 – paragraph 1 – point b b (new)
(b b) the undertaking does not anymore qualify as micro, small and medium-sized undertakings pursuant to Article 2(1)(b).
Amendment 121 #
2023/0320(CNS)
Proposal for a directive
Article 8 – paragraph 4
Article 8 – paragraph 4
4. If the SME referred in Article 2(1) transfers its tax residence to another Member State, it may opt to apply the head office taxation rules of its new Member State of tax residence in accordance with Articles 4 to 7. This shall be considered a new option. The requirement set out in Article 4(2), point be, shall not apply if the transfer of the tax residence of the SME has been carried out for valid commercial reasons.
Amendment 126 #
2023/0320(CNS)
Proposal for a directive
Article 9 – paragraph 1
Article 9 – paragraph 1
1. If the head office wishes to renew its option, it shall notify the filing authority thereof at least sixthree months before the end of the period referred to in Article 7(1) and shall list the names of the host Member States. The filing authority shall verify whether the SME continues to meet the eligibility requirements set out in Article 4.
Amendment 138 #
2023/0320(CNS)
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. The head office shall file the Head office taxation tax return with the filing authority. The head office Member State shall assist the SME in the elaboration of the tax return, in particular regarding the attribution of taxable result to each permanent establishment in other Member States.
Amendment 140 #
2023/0320(CNS)
Proposal for a directive
Article 11 – paragraph 3 – introductory part
Article 11 – paragraph 3 – introductory part
3. Where one or more permanent establishment of the SME are not required to prepare separate financial accounting statements under the law of the host Member State, the HOTead Office Taxation tax return shall include the following information:
Amendment 167 #
2023/0320(CNS)
Proposal for a directive
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Five years after this Directive starts to apply, the Commission shall examine and evaluate its functioning and report to the European Parliament and the Council to that effect. In the evaluation report, the Commission shall, among others., examine whether the head office taxation rules should be also applied to one or more subsidiaries of the SMEs. The report shall, where appropriate, be accompanied by a proposal to amend this Directive.
Amendment 81 #
2023/0199(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) The EU industry has proven its inbuilt resilience but is being challenged. High inflation, labour shortages, post- COVID supply chains disruptions, the Russian war in Ukraine, rising interest rates, and spikes in energy costs and input prices are weighing on the competitiveness of the EU industry. and have put forward the need for the Union to secure its open strategic autonomy and reduce its dependence on non-EU countries. Several strategic dependencies have already been identified in the energy intensive industries, health and digital ecosystems.39a This is paired with strong, but not always fair, competition on the fragmented global market. The EU has already put forward several initiatives to support its industry, such as the Green Deal Industrial Plan,40 the Critical Raw Materials Act41 , the Net Zero Industry Act42 , the new Temporary Crisis and Transition Framework for State aid,43 and REPowerEU.44 While these solutions provide fast and targeted support, the EU needs a more structural answer to the investment needs of its industries, safeguarding cohesion and the level playing field in the Single Market and to reduce the EU’s strategic dependencies. _________________ 39a Commission Staff Working document on Strategic dependencies and capacities (SWD(2021)352) and Commission Staff Working Document on EU strategic dependencies and capacities: second stage of in-depth reviews (SWD(2022) 41) 40 Communication on A Green Deal Industrial Plan for the Net-Zero Age, COM(2023) 62 final. 41 COM(2023) 160 final 42 COM(2023) 161 final 43 Communication on a Temporary Crisis and Transition Framework for State Aid measures (OJ C 101, 17.3.2023, p. 3). 44 Regulation (EU) 2023/435 as regards REPowerEU (OJ L 63, 28.2.2023, p. 1).
Amendment 87 #
2023/0199(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) The EU industry has proven its inbuilt resilience but is being challenged. High inflation, labour shortages, post- COVID supply chains disruptions, rising interest rates, and spikes in energy costs and input prices are weighing on the competitiveness of the EU industry. This is paired with strong, but not always fair, competition on the fragmented global market. The EU has already put forward several initiatives to support its industry, such as the Green Deal Industrial Plan,40 the Critical Raw Materials Act41 , the Net Zero Industry Act42 , the new Temporary Crisis and Transition Framework for State aid,43 and REPowerEU.44 While these solutions provide fast and targeted support, the EU needs a more structural answer to the investment needs of its industries, safeguarding cohesion and the level playing field in the Single Market, facilitating access to funding and to reduceing the EU’s strategic dependencies. _________________ 40 Communication on A Green Deal Industrial Plan for the Net-Zero Age, COM(2023) 62 final. 41 COM(2023) 160 final 42 COM(2023) 161 final 43 Communication on a Temporary Crisis and Transition Framework for State Aid measures (OJ C 101, 17.3.2023, p. 3). 44 Regulation (EU) 2023/435 as regards REPowerEU (OJ L 63, 28.2.2023, p. 1).
Amendment 91 #
2023/0199(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) The uptake and scaling up in the Union of deep and digital technologies, clean technologies, and biotechnologies will be essential to reduce the Union’s strategic dependencies, seize the opportunities and meet the objectives of the green and digital transitions, thus securing the sovereignty and strategic autonomy of the Union and promoting the competitiveness of the European industry and its sustainability. Therefore, immediate action is required to support the development or manufacturing in the Union of such technologies, safeguarding and strengthening their value chains thereby reducing the Union’s strategic dependencies, and addressing existing labour and skills shortages in those sectors through trainings and apprenticeships and the creation of attractive, quality jobs accessible to all.
Amendment 98 #
2023/0199(COD)
Proposal for a regulation
Recital 4
Recital 4
(4) There is a need to support critical technologies in the following fields: deep and digital technologies, clean technologies, and biotechnologies (including the respective critical raw materials value chains), in particular projects, companies and sectors with a critical role for EU’s competitiveness and resilience and its value chains. By way of example, deep technologies and digital technologies should include microelectronics, high-performance computing, quantum technologies (i.e., computing, communication and sensing technologies), cloud computing, edge computing, and artificial intelligence, cybersecurity technologies, robotics, 5G and advanced and secure connectivity and virtual realities, including actions related toincluding 5G and satellite-based connectivity, and actions related to virtual realities, deep and digital technologies for the development of defence and aerospace applications. Clean technologies should include, among others, renewable energy; electricity and heat storage; heat pumps; electricity grid; renewable fuels of non- biological origin; sustainable alternative fuels; electrolysers and fuel cells; carbon capture, utilisation and storage; energy efficiency; hydrogen and its related infrastructure; smart energy solutions; technologies vital to sustainability such as water purification and desalination; advanced materials such as nanomaterials, composites and future clean construction materials, and technologies for the sustainable extraction and processing of critical raw materials. BThe health ecosystem, in particular biotechnology should be considered to include technologies such as biomolecules and its applications, pharmaceuticals and medical technologies vital for health security, including active pharmaceutical ingredients, medicine and vaccine production, crop biotechnology, and industrial biotechnology, such as for waste disposal, and biomanufacturing. The Commission may issue guidance to further specify the scope of the technologies in these three fields considered to be critical in accordance with this Regulation, in order to promote a common interpretation of the projects, companies and sectors to be supported under the respective programmes in light of the common strategic objective of reducing critical dependencies. Moreover, technologies in any of these three fields which are subjects of an Important Project of Common European Interest (IPCEI) approved by the Commission pursuant to Article 107(3), point (b) TFEU should be deemed to be critical, and individual projects within the scope of such an IPCEI should be eligible for funding, in accordance with the respective programme rules, to the extent that the identified funding gap and the eligible costs have not yet been completely covered.
Amendment 119 #
2023/0199(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The scale of investments needed for the transition require a full mobilisation of funding available under existing EU programmes and funds, inclusive those granting a budgetary guarantee for financing and investment operations and implementation of financial instruments and blending operations. Such funding should be deployed in a more flexible manner, to provide timely and targeted support for critical technologies in strategic sectors. Therefore, a Strategic Technologies for Europe Platform (‘STEP’) should give a structural answer to the Union investment needs by helping to better channel the existing EU funds towards critical investments (including non-bankable investments) aimed at supporting the development or manufacturing of critical technologies, while preserving a level playing field in the Single Market, thereby preserving cohesion and aiming at a geographically balanced distribution of projects financed under the STEP in accordance with the respective programme mandates.
Amendment 126 #
2023/0199(COD)
Proposal for a regulation
Recital 7
Recital 7
(7) The STEP should identify resources which should be implemented within the existing Union programmes and funds, the InvestEU, Horizon Europe, European Defence Fund and Innovation Fund. This should be accompanied by providing additional funding of EUR 104 billion. Of this, EUR 5.75 billion should be used to increase the endowment of the Innovation Fund46 and EUR 34 billion to increase the total amount of the EU guarantee available for the EU compartment under the InvestEU Regulation to EUR 7,510 billion,47 taking into account the relevant provisioning rate. EUR 0.75 billion should be made available to increase the financial envelope under the Horizon Europe Regulation,48 which should be amended accordingly; and EUR 13.5 billion to the European Defence Fund.49 _________________ 46 Directive 2003/87/EC establishing a scheme for greenhouse gas emission allowance trading (OJ L 275, 25.10.2003, p. 32). 47 Regulation (EU) 2021/523 establishing the InvestEU Programme (OJ L 107, 26.3.2021, p. 30). 48 Regulation (EU) 2021/695 establishing Horizon Europe (OJ L 170, 12.5.2021, p. 1). 49 Regulation (EU) 2021/697 establishing the European Defense Fund (OJ L 170, 12.5.2021, p. 149.)
Amendment 129 #
2023/0199(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) A Sovereignty Seal should be awarded to projects contributing to the STEP objectives, provided that the project has been assessed and complies with the minimum quality requirements, in particular eligibility, exclusion and award criteria, provided by a call for proposals under Horizon Europe, the Digital Europe programme,50 the EU4Health programme,51 the European Defence Fund or the Innovation Fund, and regardless of whether the project has received funding under those instruments. The Commission should ensure that any future changes to the mentioned regulations regarding the minimum quality requirements provided by each call for proposals aim to preserve their alignment. These minimum quality requirements will be established with a view to identify high quality projects. This Seal should be used as a quality label, to help projects attract public and private investments by certifying its contribution to the STEP objectives. Moreover, the Seal will promote better access to EU funding, notably by facilitating cumulative or combined funding from several Union instruments. Member States are also encouraged to take into account the Sovereignty Seal when granting national support to projects. _________________ 50 Regulation (EU) 2021/694 establishing the Digital Europe Programme (OJ L 166, 11.5.2021, p. 1). 51 Regulation (EU) 2021/522 establishing a Programme for the Union’s action in the field of health, EU4Health Programme (OJ L 107, 26.3.2021, p. 1).
Amendment 135 #
2023/0199(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) A new publicly available website (the ‘Sovereignty Portal’) should be set up by the Commission to provide information on available support to companies and project promoters seeking funds for STEP investments. To that end, it shouldunder EU funding programmes. This Sovereignty Portal should bring EU funding opportunities closer to the citizens and businesses. For this purpose, the Portal should become a single and common online platform, where all available EU funding opportunities are displayed in an comprehensive, accessible and user- friendly manner the funding opportunities for STEP investments availabl. It seeks to solve an existing market failure, namely an asymmetry of information problem, that hampers the effective uander the EU budget. This efficient implementation of EU funds. This Portal should include information about directly managed programmes, such asincluding but not limited to Horizon Europe, the Digital Europe programme, the EU4Health programme, and the Innovation Fund, and also other programmes under shared or indirect management, such as InvestEU, the RRF, and cohesion policy funds. The Sovereignty Portal should also include a self-assessment tool and information on any open calls as a means to facilitate access to EU funding. The Sovereignty Portal shall display a list of programmes that have been awarded funds under any EU funding programme. Moreover, the Sovereignty Portal should help increase the visibility for STEP investments towards investors, by listing the projects that have been awarded a Sovereignty Seal. The Portal should also list the national competent authorities responsible for acting as contact points for the implementation of the STEP at national level. The Commission should ensure that already existing Portals (such as, the InvestEU Portal) cease to exist once they have been integrated in the common Sovereignty Portal.
Amendment 140 #
2023/0199(COD)
Proposal for a regulation
Recital 11
Recital 11
(11) While the STEP relies on the reprogramming and reinforcement of existing programmes for supporting strategic investments reducing the Union dependencies, it is also an important element for testpreparing the feasibility and preparation of new interventions as a step towardsestablishment of a European Sovereignty Fund. The evaluation in 2025 will assess the relevance of the actions undertaken and serve as basis for assessing the need for an upscaling of the supp, provide an update on the state of the dependencies of the European Union and the most strategic sectors to strengthen its autonomy in a comprehensive way. This assessment will serve as a basis for the establishment of a European Sovereignty Fund to be integrated into the post-2027 Multiannual Financial Framewortk towards strategic sectorargeting key dependencies and increasing European investments in innovative projects with a strong economic potential for the Single Market and its competitiveness.
Amendment 156 #
2023/0199(COD)
Proposal for a regulation
Recital 13
Recital 13
(13) In order to extend support possibilities for investments aimed at strengthening industrial development and reinforcement of value chains in strategic sectors, the scope of support from the ERDF should be extended by providing for new specific objectives under the ERDF, without prejudice to the rules on eligibility of expenditure and climate spending as set out in Regulation (EU) 2021/106055 and Regulation (EU) 2021/105856 . In strategic sectors, it should also be possible to support productive investments in enterprises other than SMEs, which can make a significant contribution to the development of less developed and transition regions, as well as in more developed regions of Member States with a GDP per capita below the EU average. However, even if this possibility exists, it is of the utmost importance that SMEs are not excluded from the programme funding, and a significant and proportionate part of it should still be allocated to them. Managing authorities are encouraged to promote the collaboration between large enterprises and local SMEs, supply chains, innovation and technology ecosystems. Thi, and to ensure that SMEs still have effective access to the programme. These changes would allow reinforcinge Europe’s overall capacity to strengthen its position in those sectors through providing access to all Member States for such investments, thus counteracting the risk of increasing disparities. _________________ 55 Regulation (EU) 2021/1060 laying down common provisions (OJ L 231, 30.6.2021, p. 159). 56 Regulation (EU) 2021/1058 on the European Regional Development Fund and on the Cohesion Fund (OJ L 224, 24.6.2021, p. 31).
Amendment 173 #
2023/0199(COD)
Proposal for a regulation
Recital 19
Recital 19
(19) InvestEU is the EU flagship programme to boost investment, especially the green and digital transition, by providing demand-driven financing, including through blending mechanisms, and technical assistance. Such approach contributes to crowd in additional public and private capital. Given the high market demand of InvestEU guarantee, the EU compartment of InvestEU should be reinforced to correspond to the objectives of the STEP. This will, among other things, reinforce InvestEU’s existing possibility to invest in projects forming part of an IPCEI, within the identified critical technology sectors. In addition, Member States are encouraged to contribute to the InvestEU Member State compartment to support financial products in line with the STEP objectives, without prejudice to applicable State aid rules. It should be possible for Member States to include as a measure in their recovery and resilience plans a cash contribution for the purpose of the Member State compartment of InvestEU to support objectives of the STEP. That aAdditional contribution to support objectives of the STEP could reach up to 6% of their recovery and resilience plan’s total financial allocation to the Member State compartment of InvestEU. Additional flexibility and clarifications should also be introduced to better pursue the objectivesflexibility and clarifications should also be introduced to better pursue the objectives of the STEP, including measures aiming to channel all necessary resources to non- bankable and cross-border critical projects as the former potentially offer a higher reward and would pave the way for future EU leadership in those sectors, and the latter would contribute to the cohesion of the STEPUnion.
Amendment 177 #
2023/0199(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) Horizon Europe is the EU’s key funding programme for research and innovation, and its European Innovation Council (EIC) provides for support for innovations with potential breakthrough and disruptive nature with scale-up potential that may be too risky for private investors. Additional flexibility should be provided for under Horizon Europe, so that t to improve the participation of SMEs and their access to finance, in particular to the EIC. The EIC Accelerator canshould provide equity- only support to non-bankable SMEs, including start-ups, and non- bankable SMEs and small mid-caps, carrying out innovation in the technologies supported by the STEP and regardless of whether they previously received other types of support from the EIC Accelerator. The implementation of the EIC Fund is currently limited to a maximum investment amount of EUR 15 million except in exceptional cases and cannot accommodate follow-on financing rounds or larger investment amounts. Allowing for equity- only support for non-bankable SMEs and small mid-caps would address the existing market gap with investments needs in the range of EUR 15 to 50 million. Moreover, experience has shown that the amounts committed for the EIC Pilot under Horizon2020 are not fully used. These unused funds should be made available for the purposes of the EIC Accelerator under Horizon Europe. The Horizon Europe Regulation should also be amended to reflect the increased envelope for the European Defence Fund.
Amendment 188 #
2023/0199(COD)
1. To strengthen European sovereignty and security, reduce its strategic dependencies, accelerate the Union’s green and digital transitions and enhance its competitiveness, reduce its strategic dependencies, favour a level playing field in the Single Market for investments throughout the Union, and promote inclusive access to attractive, quality jobs, the Platform shall pursue the following objectives:
Amendment 227 #
2023/0199(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point a
Article 3 – paragraph 1 – point a
(a) a Union guarantee referred to in Article 4(1) of Regulation (EU) 2021/523 with the indicative amount of EUR 7 510 000 000 000. That guarantee shall be implemented in accordance with Regulation (EU) 2021/523;
Amendment 232 #
2023/0199(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point b
Article 3 – paragraph 1 – point b
(b) an amount of EUR 7500 000 000 in current prices of the financial envelope referred to in point (i) of Article 12(2)(c) of Regulation (EU) 2021/695. That amount shall be implemented in accordance with Regulation (EU) 2021/695;
Amendment 234 #
2023/0199(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) an amount of EUR 5 00750 000 000 in current prices of the financial envelope referred to in the sixth subparagraph of Article 10a(8) of Directive 2003/87/EC. That amount shall be implemented within the Innovation Fund in accordance with the rules of Article 10a(8) of Directive 2003/87/EC and Commission Delegated Regulation [2019/856].
Amendment 240 #
2023/0199(COD)
Proposal for a regulation
Article 3 – paragraph 1 – point d
Article 3 – paragraph 1 – point d
(d) An amount of EUR 13 500 000 000 in current prices of the financial envelope referred to in Article 4(1) of Regulation (EU) 2021/697. That amount shall be implemented in accordance with Regulation (EU) 2021/697.
Amendment 249 #
2023/0199(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. The Commission shall award a Sovereignty Seal, valid for a period of 5 years, to any action contributing to any of the Platform objectives, provided the action has been assessed and complies with the minimum quality requirements, in particular eligibility, exclusion and award criteria, provided by a call for proposals under Regulation (EU) 2021/695, Regulation (EU) 2021/694, Regulation (EU) 2021/697, Regulation (EU) 2021/522, or Commission Delegated Regulation (EU) 2019/856.
Amendment 261 #
2023/0199(COD)
Proposal for a regulation
Article 4 – paragraph 3
Article 4 – paragraph 3
3. When revising their recovery and resilience plans in accordance with Regulation (EU) 2021/241, Member States shall, without prejudice to the provisions of that Regulation, consider as a priority the actions that have been which have been awarded a Sovereignty Seal in accordance with paragraph 1.
Amendment 266 #
2023/0199(COD)
Proposal for a regulation
Article 4 – paragraph 4
Article 4 – paragraph 4
Amendment 267 #
2023/0199(COD)
Proposal for a regulation
Article 4 – paragraph 5
Article 4 – paragraph 5
5. Under Regulation (EU) 2021/523, the Sovereignty Seal shall be taken into account in the context of the procedure provided for in Article 19 of the European Investment Bank Statute and of the policy check as laid down in Article 23(3) of that Regulation. In addition, the implementing partners shall examine projects having been awarded the Sovereignty Seal in case they fall within their geographic and activity scope as laid down in Article 26(5) of that Regulation.
Amendment 276 #
2023/0199(COD)
Proposal for a regulation
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. The Commission shall establish a dedicated publicly available website (the ‘Sovereignty portal’), providing investors with where information about all EU funding opportunities for projects linked to the Platform objectives and grant visibility to those projects, in particular by displaying the following information:programmes under direct, shared or indirect management is displayed.
Amendment 277 #
2023/0199(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
Amendment 278 #
2023/0199(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
Amendment 279 #
2023/0199(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
Amendment 280 #
2023/0199(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point d
Article 6 – paragraph 1 – point d
Amendment 282 #
2023/0199(COD)
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
1a. The Sovereignty Portal shall serve project promoters to find available EU funding programmes that are relevant for their project. With this aim, the Sovereignty Portal shall include: (a) information about all EU funding programmes and access to any open calls for proposals and calls for tender, and (b) a self-assessment tool for project promoters, which will gather information about the particular project in order to highlight the relevant EU funding programmes under direct, shared or indirect management, for which the project could be eligible.
Amendment 283 #
2023/0199(COD)
Proposal for a regulation
Article 6 – paragraph 1 b (new)
Article 6 – paragraph 1 b (new)
1b. The Sovereignty Portal shall display an up to date list of projects that have been awarded funds under any EU funding programme, as well as those projects that have been awarded a Sovereignty Seal according to Article 4 of this Regulation. The Portal shall allow public and private investors to filter the listed projects.
Amendment 285 #
2023/0199(COD)
Proposal for a regulation
Article 6 – paragraph 3
Article 6 – paragraph 3
3. The Sovereignty portal shall be launched atnot later than 6 months after the [date of the entry into force of this Regulation] and shall be updated by the Commission regularly.
Amendment 290 #
2023/0199(COD)
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
1. By 31 DecemberJune 2025, the Commission shall provide the European Parliament and the Council with an evaluation report on the implementation of the Platform, on the state of the dependencies of the Union and the strategic sectors for the its sovereignty.
Amendment 296 #
2023/0199(COD)
Proposal for a regulation
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Where appropriate, tThe evaluation shall be accompanied by a proposal for amendments of this Regulation, in view of the creation of a European Sovereignty Fund. In case the Commission does not present a European Sovereignty Fund, it shall provide the justification in a report to the Council of the European Union and the European Parliament.
Amendment 340 #
2023/0199(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point 2 – point a
Article 16 – paragraph 1 – point 2 – point a
Regulation (EU) 2021/523
Article 4 – paragraph 1 – first subparagraph
Article 4 – paragraph 1 – first subparagraph
The EU guarantee for the purposes of the EU compartment referred to in Article 9(1), point (a), shall be EUR 33 66 152 310 073 in current prices. It shall be provisioned at the rate of 40 %. The amount referred to in Article 35(3), first subparagraph, point (a), shall be also taken into account for contributing to the provisioning resulting from that provisioning rate.;
Amendment 343 #
2023/0199(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point 2 – point b
Article 16 – paragraph 1 – point 2 – point b
Regulation (EU) 2021/523
Article 4 – paragraph 2 – second subparagraph
Article 4 – paragraph 2 – second subparagraph
An amount of EUR 18 821 327 310 073 in current prices of the amount referred to in the first subparagraph of paragraph 1 of this Article shall be allocated for the objectives referred to in Article 3(2).;
Amendment 353 #
2023/0199(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point 6
Article 16 – paragraph 1 – point 6
Regulation (EU) 2021/523
Article 13 – paragraph 4
Article 13 – paragraph 4
4. At least 75 % of the EU guarantee under the EU compartment as referred to in Article 4(1), first subparagraph, amounting to at least EUR 25 2397 114 232 5554, shall be granted to the EIB Group. The EIB Group shall provide an aggregate financial contribution amounting to at least EUR 6 309 80778 558 1389. That contribution shall be provided in a manner and form that facilitates the implementation of the InvestEU Fund and the achievement of the objectives set out in Article 15(2). If the Commission determines that the implementing partners do not have sufficient absorption capacity, the Commission may exceptionally and temporarily allow the EIB Group to be granted more than 75% of the EU guarantee under the EU compartment;
Amendment 360 #
2023/0199(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point 6 a (new)
Article 16 – paragraph 1 – point 6 a (new)
Regulation (EU) 2021/523
Article 13 – paragraph 5
Article 13 – paragraph 5
(6a) Article 13(5) shall be replaced by the following: "The remaining 25 % of the EU guarantee under the EU compartment shall be granted to other implementing partners, whichunless the Commission adopts the decision referred to in paragraph 4. The implementing partners shall also provide a financial contribution to be determined in the guarantee agreements. " Or. en (https://eur-lex.europa.eu/legal- content/EN/TXT/PDF/?uri=CELEX:32021R0523&qid=1694106546408)
Amendment 361 #
2023/0199(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point 6 b (new)
Article 16 – paragraph 1 – point 6 b (new)
Regulation (EU) 2021/523
Article 13 – paragraph 5 a (new)
Article 13 – paragraph 5 a (new)
(6b) In Article 13, the following paragraph shall be inserted: 5a. The Commission shall mention and justify any decision to allow the EIB Group to be granted more than 75% of the guarantee in the Annual Report to the European Parliament referred to in article 7 of Regulation.../... [STEP Regulation]. The European Commission shall also inform of any actions aiming to increase the absorption capacity of the other implementing partners.
Amendment 363 #
2023/0199(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point 6 c (new)
Article 16 – paragraph 1 – point 6 c (new)
Regulation (EU) 2021/523
Article 13 – paragraph 6 a (new)
Article 13 – paragraph 6 a (new)
(6c) In Article 13, the following paragraph shall be inserted: 6a. The EIB Group shall ensure that: (a) at least, 35% of the EU guarantee granted to the EIB Group will support investment on non-bankable projects. (b) at least, 30% of the EU guarantee granted to the EIB Group will support cross-border projects.
Amendment 364 #
2023/0199(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point 6 d (new)
Article 16 – paragraph 1 – point 6 d (new)
Regulation (EU) 2021/523
Article 19 – paragraph 1 – second subparagraph
Article 19 – paragraph 1 – second subparagraph
(6d) In Article 19(1), the second sub- paragraph shall be replaced by the following: "The implementing partner shall have appropriate exposure at its own risk to financing and investment operations supported by the EU guarantee, unless exceptionally the policy objectives targeted by the financial product to be implemented are of such nature that the implementing partner could not reasonably contribute its own risk-bearing capacity to it. The EU guarantee will cover up to 100% of the risk exposure in projects that fall under the STEP policy window" (Ensure coverage of high-risk investment in STEP projects.) Or. en (https://eur-lex.europa.eu/legal- content/EN/TXT/PDF/?uri=CELEX:32021R0523&qid=1694106546408)
Amendment 367 #
2023/0199(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point 9
Article 16 – paragraph 1 – point 9
Regulation (EU) 2021/523
Article 25 – paragraph 2 – point j
Article 25 – paragraph 2 – point j
(j) provide advisory support to equity fund managers and other relevant stakeholders active in the areas referred to in point (e) of Article 8(1), including, regarding the valuation of intangible assets.
Amendment 368 #
2023/0199(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point 9 a (new)
Article 16 – paragraph 1 – point 9 a (new)
Regulation (EU) 2021/523
Article 26 – paragraph 1
Article 26 – paragraph 1
(9a) Article 26(1) shall be replaced by the following: "The Commission shall establish the InvestEU Portal. The InvestEU Portal shall be an easily accessible and user-friendly project database that provides relevant information for each project. The Commission shall ensure the InvestEU Portal ceases to exist once it is integrated in the common Sovereignty Portal, as referred to in Article 6 of the [STEP Regulation]." Or. en (https://eur-lex.europa.eu/legal- content/EN/TXT/PDF/?uri=CELEX:32021R0523&qid=1694106546408)
Amendment 373 #
2023/0199(COD)
Proposal for a regulation
Article 16 – paragraph 1 – point 12
Article 16 – paragraph 1 – point 12
Regulation (EU) 2021/523
Annex I – point e
Annex I – point e
(e) up to EUR 7 510 000 000 000 for objectives referred to in Article 3(2), point (e).
Amendment 391 #
2023/0199(COD)
Proposal for a regulation
Article 19 – paragraph 1 – point 1
Article 19 – paragraph 1 – point 1
Regulation (EU) 2021/241
Article 7 – paragraph 3
Article 7 – paragraph 3
3. Without prejudice to paragraph 2, Member States may also propose to include in their recovery and resilience plan, as estimated costs, the amount of the cash contribution for the purpose of the Member State compartment pursuant to the relevant provisions of the InvestEU Regulation exclusively for measures supporting investment operations contributing to the STEP objectives referred to in Article 2 of Regulation .../...71 [STEP Regulation]. Those costs shall not exceed 6 % of the recovery and resilience plan’s total financial allocation, and the relevant measures, as set out in the recovery and resilience plan, shall respect the requirements of this Regulation. _________________ 71 Regulation …/… of the European Parliament and of the Council … [insert full title and OJ reference].
Amendment 144 #
2023/0138(COD)
Proposal for a regulation
Recital 1
Recital 1
(1) The coordination of the economic policies of the Member States within the Union, as provided for by the Treaty on the Functioning of the European Union (TFEU), entails compliance with the guiding principles of stable prices, sound public finances and monetary conditions and a sustainable balance of payments. The coordination is a necessity while a complete Fiscal Union still does not exist.
Amendment 164 #
2023/0138(COD)
Proposal for a regulation
Recital 5
Recital 5
(5) The economic governance framework of the Union should be adapted to better take into account the growing heterogeneity of fiscal positions, public debt challenges and other vulnerabilities across Member States. The strong policy response to the COVID-19 pandemic proved highly effective in mitigating the economic and social damage of the crisis, but the crisis resulted in a significant increase in public- and private-sector debt ratios, underscoring the importance of reducing debt ratios to prudent levels in a gradual, sustained and growth-friendly manner and addressing macroeconomic imbalances, while paying due attention to employment and social objectives. At the same time, the economic governance framework of the Union should be adapted to help address the medium- and long-term challenges facing the Union including achieving a fair digital and green transition, including the Climate Law22 , ensuring energy security, open strategic autonomy, addressing demographic change, strengthening social and economic resilience and implementing the European Pillar of Social Rights1a, as well as the the strategic compass for security and defence, all of which requires reforms and sustained high levels of investment in the years to come. _________________ 1a COM(2021) 102 final 22 The European Climate Law sets a Union-wide climate neutrality objective by 2050 and requires Union institutions and Member States to progress in enhancing adaptive capacity, requiring significant public investment to reduce the negative socio-economic impacts of climate change on the EU and its Member States, including negative impacts on growth and fiscal sustainability.
Amendment 176 #
2023/0138(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The economic governance framework of the Union should put debt sustainability and sustainable and inclusive growth, through both reforms and investments, at its core and therefore differentiate between Member States by taking into account their public debt challenges and allowing country-specific fiscal trajectories.
Amendment 195 #
2023/0138(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State and these plans should be the cornerstone of the economic governance framework of the Union. Each Member State should present a medium-term plan that sets out its fiscal trajectory as well as priority strategic public investment and reform commitments that together ensureshould contribute to sustained and gradual debt reduction and sustainable and inclusive growth and resilience, avoiding a pro- cyclical fiscal policy, as well as broader reform and investment commitments, including in relation to the green and digital transitions, social and economic resilience and the implementation of the European Pillar of Social Rights. During the lifetime of the Recovery and Resilience Facility25 , commitments undertaken in the national Recovery and Resilience Plans should be duly taken into account. _________________ 25 Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17).
Amendment 196 #
2023/0138(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) National medium-term fiscal- structural plans should bring together the fiscal, structural reforms and investment commitments of each Member State and these plans should be the cornerstone of the economic governance framework of the Union. Each Member State should present a medium-term plan that sets out its fiscal trajectory as well as priority public investment and reform commitments that together ensurshould contribute sustained and gradual debt reduction and sustainable and inclusive growth and resilience, avoiding a pro-cyclical fiscal policy, as well as broader reform and investment commitments, including in relation to the green and digital transitions, social and economic resilience and the implementation of the European Pillar of Social Rights, including the related targets on employment, skills and poverty reduction by 2030. During the lifetime of the Recovery and Resilience Facility25 , commitments undertaken in the national Recovery and Resilience Plans should be duly taken into account. _________________ 25 Regulation (EU) 2021/241 of the European Parliament and of the Council of 12 February 2021 establishing the Recovery and Resilience Facility (OJ L 57, 18.2.2021, p. 17).
Amendment 200 #
2023/0138(COD)
Proposal for a regulation
Recital 10
Recital 10
(10) Cohesion policy funds are also synchronised with the European Semester process. As the long-term investment policy of the EU budget strengthening economic, social and territorial cohesion, cohesion policy investments and reforms should also be duly taken into account in the drawing of the national medium-term fiscal-structural plans. Each Member State should also explain how its national medium-term fiscal-structural plan will ensure consistency with the expenditure on EU programmes fully matched by EU funds revenue and the relevant national co- financing.
Amendment 202 #
2023/0138(COD)
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10 a) Investments have proven to be an essential part of the economic and social recovery after the pandemic, and in response to inflation and the rise of the energy prices. In addition to investments in infrastructure, multiannual social investment in human capital, in particular in education, health and labour market integration, could harness the opportunities for societal and individual growth.
Amendment 211 #
2023/0138(COD)
Proposal for a regulation
Recital 12
Recital 12
(12) In order to simplify the Union fiscal framework and increase transparency, a single operational indicator anchored in debt sustainability should serve as a basis for setting the fiscal path and carrying out annual fiscal surveillance for each Member State. That single operational indicator should be based on nationally financed net primary expenditure, that is to say expenditure net of discretionary revenue measures and excluding interest expenditure as well as cyclical unemployment expenditure, costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility, and expenditure on Union programmes fully matched by revenue from Union funds. This indicator allows for macro-economic stabilisation as it is not affected by the operation of automatic stabilisers, including revenue and expenditure fluctuations outside the direct control of the government.
Amendment 230 #
2023/0138(COD)
Proposal for a regulation
Recital 14 a (new)
Recital 14 a (new)
(14 a) Prior guidance should also be provided by the independent fiscal institutions. To this end, Member States should make a draft plan available one month before the submission of the plan. The national independent fiscal institution should assess the plan and provide an opinion addressing in particular the feasibility of complying with the net expenditure path considering the forecasts, the compliance of the plan with the requirements set out in Article 12 and the sound and verifiable economic arguments explaining the difference between the net expenditure path and the technical trajectory. This opinion should be made public. Member States should take this opinion into account and should include relevant modifications to their national medium-term fiscal-structural plan before its submission to the Commission. During the technical dialogue, the Commission should ensure that the opinion of the independent fiscal institutions is duly taken into account.
Amendment 234 #
2023/0138(COD)
Proposal for a regulation
Recital 15
Recital 15
(15) All Member States should submit a new medium-term fiscal-structural plan before end-April of the year before the end of the period covered by the previous plan. In order to assess whether further adjustments are required towards the end of the four-year or seven-year implementation period of the national medium-term fiscal-structural plan, the Commission should reassess the situation and put forward a new technical trajectory if the public debt of the Member State is still above 60% of GDP reference value or its government deficit is higher than 3% of GDP reference value. A new opinion by the national independent fiscal institution should also be provided.
Amendment 242 #
2023/0138(COD)
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16 a) Each national medium-term fiscal- structural plan should be drafted following a consultation process, conducted in accordance with the national legal framework, of local and regional authorities, social partners, civil society organisations, youth organisations and other relevant stakeholders. The national medium-term fiscal-structural plan should include an explanation the implementation of the consultation process and how the input of the stakeholders is reflected in the plan;
Amendment 243 #
2023/0138(COD)
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16 a) In the development process of the medium-term fiscal-structural plan, Member States should also consider consulting relevant stakeholders, including local and regional authorities, social partners, civil society organisations, youth organisations.
Amendment 245 #
2023/0138(COD)
Proposal for a regulation
Recital 17
Recital 17
(17) When Member States use assumptions in their medium-term fiscal- structural plan that differ from the Commission’s standard medium-term debt projection framework, they should explain and duly justify the differences in a transparent manner and based on sound economic arguments. The independent fiscal institutions of the Member State should also opine on the justifications for deviating from the technical trajectory.
Amendment 253 #
2023/0138(COD)
Proposal for a regulation
Recital 20
Recital 20
(20) The Commission’s assessment of the national medium-term fiscal-structural plans should examine in particular the plausibility of the macroeconomic and fiscal assumptions, to the extent that they depart from those underlying the technical trajectory. In particular, the debt projections at unchanged policy to be included in the plan should be consistent and comparable with the Commission projections. The opinions of the independent fiscal institutions and European Fiscal Board should be duly taken into account by the Commission.
Amendment 260 #
2023/0138(COD)
Proposal for a regulation
Recital 22
Recital 22
(22) To ensure a more gradual debt reduction, the adjustment period can be extended by a maximum of 3 years if the Member State underpins its medium-term fiscal-structural plan with a set of verifiable and time-bound reforms and investment that, taken altogether: are growthresilience-enhancing, support fiscal sustainability, address the common priorities of the Union, address relevant country-specific recommendations addressed to the Member State under the European Semester, and address the country-specific investment priorities without leading to cuts in other nationally financed public investment over the adjustment period in order to ensure a macroeconomic impact of investments and avoid crowding out of other investment priorities.
Amendment 266 #
2023/0138(COD)
Proposal for a regulation
Recital 24 a (new)
Recital 24 a (new)
Amendment 269 #
2023/0138(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) Where the verifiable and time- bound set of reform and investment commitments underpinning the more gradual net expenditure path is not met within the specified deadline, the Council, on a recommendation from the Commission, can recommend that adjustment be steepened, that is to say by shortening the extension of the net expenditure path. Both net expenditure significantly exceeding the net expenditure path and a significant cumulated debit balance should be considered as not in compliance with the net expenditure path. Such a measure should ensure that Member States undertake necessary consolidation even in times of economic growth.
Amendment 275 #
2023/0138(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) Independent fiscal institutions have proven their capacity to foster fiscal discipline and strengthen the credibility of Member States’ public finances. In order to enhance national ownership, the role of independent fiscal institutions, traditionally mandated to monitor compliance with the national framework, should be expanded to the economic governance framework of the Union. In particular, they should provide prior guidance before the submission of the national medium-term fiscal- structural plan. They should also elaborate an annual report providing an assessment of compliance of the budgetary outturns data with the net expenditure path, the factors underlying a potential deviation from the net expenditure path, if applicable, and the progress in delivering investments and reforms.
Amendment 278 #
2023/0138(COD)
Proposal for a regulation
Recital 27 a (new)
Recital 27 a (new)
(27 a) The role of the European Fiscal Board should also be enhanced and its independence should be ensured. While national independent fiscal institutions should have a role in assessing and monitoring national medium-term fiscal- structural plans, as they might be better suited to assess national circumstances, the European Fiscal Board should provide assessment at the Union level to ensure that technical and depoliticised opinions are given and to ensure homogeneity in the interpretation and implementation of the rules.
Amendment 279 #
2023/0138(COD)
Proposal for a regulation
Recital 27 b (new)
Recital 27 b (new)
(27 b) The European Fiscal Board should, in particular, have a role in assessing whether the reforms and investments underpinning an extension of the adjusment period comply with the requirements set out in Article 13. The recommendation from the Commission to the Council regarding the extension of the adjustment period should be in line with the assessment of the European Fiscal Board, otherwise, the Commission should explain the deviation using sound economic arguments.
Amendment 280 #
2023/0138(COD)
Proposal for a regulation
Recital 27 c (new)
Recital 27 c (new)
(27 c) The European Fiscal Board should also assess whether objective circumstances allowing the submission of a modified national medium-term fiscal- structural plan exist.
Amendment 285 #
2023/0138(COD)
Proposal for a regulation
Recital 30
Recital 30
(30) In case of major shocks to the euro area or the Union as a whole, it is necessary to have a general escape clause to be able to deal with a severe economic downturn in the euro area or the Union as a whole by allowing for a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term. The European Fiscal Board should submit to the Commission an opinion assessing whether a severe economic downturn on the euro area or the Union as a whole exist and should propose a time-limit for the deviation.
Amendment 290 #
2023/0138(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) There should also be a country- specific escape clause to allow a deviation from the net expenditure path provided that it does not endanger fiscal sustainability in the medium term in the case of exceptional circumstances, such as unpredictable exogenous events that could not have been prevented and that require counter-cyclical fiscal measures, outside the control of the Member State which have a major impact on the public finances of the Member State. Such major impact should result in an overall size of the shock that exceeds a ‘normal’ range: for example costs of natural disasters should be factored in in budgetary planning within a certain range. The triggering and extension of general and country-specific escape clauses are subject to a Council recommendation. In order to ensure homogeneity of implementation, the European Fiscal Board should submit to the Commission an opinion assessing whether exceptional circumstances outside the control of the Member State exist and whether the deviation endangers fiscal sustainability. The European Fiscal Board should also propose a time-limit for the deviation.
Amendment 300 #
2023/0138(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation sets out rules ensuring effective coordination of economic policies of the Member States, thereby supporting the achievement of the Union’s objectives for growth andsustainable growth, competitiveness, and quality employment.
Amendment 302 #
2023/0138(COD)
Proposal for a regulation
Article 1 – paragraph 1
Article 1 – paragraph 1
This Regulation sets out rules ensuring effective coordination of economic policies of the Member States, thereby supporting the achievement of the Union’s objectives for sustainable and inclusive growth and quality employment.
Amendment 313 #
2023/0138(COD)
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
It lays down detailed rules concerning the content, submission, assessment and monitoring of national medium-term fiscal- structural plans as part of multilateral budgetary surveillance by the Council and the Commission, with involvement of the European Parliament, so as to promote debt sustainability, strategic reforms and investments, and sustainable and inclusive growth in the Member States and prevent the occurrence of excessive government deficits, by medium-term planning.
Amendment 325 #
2023/0138(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
(2) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures, costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241, cyclical elements of unemployment benefit expenditure, and other budgetary variables outside the control of the government as set out in Annex II, point (a);
Amendment 347 #
2023/0138(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
(6) ‘annual progress report’ means the document of a Member State reporting on the implementation of the national medium-term fiscal-structural plan, including the net expenditure path, and of the reforms and investment commitments included in its national medium-term fiscal-structural plan;
Amendment 348 #
2023/0138(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
(6) ‘annual progress report’ means the document of a Member State reporting on the implementation of the national medium-term fiscal-structural plan, including the net expenditure path, and of the reforms and investment commitments included in its national medium-term fiscal-structural plan;
Amendment 354 #
2023/0138(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7 a) ‘planning horizon’ means adjustment period;
Amendment 364 #
2023/0138(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10 a (new)
Article 2 – paragraph 1 – point 10 a (new)
(10 a) ‘projection period‘ means the adjustment period plus ten years.
Amendment 369 #
2023/0138(COD)
Proposal for a regulation
Article 3 – paragraph 1
Article 3 – paragraph 1
In order to ensure closer coordination of economic and employment policies and sustaineable upward convergence of the economic and social performance of the Member States in line with Union common priorities, the Council and the Commission shall conduct multilateral surveillance within the European Semester in accordance with the objectives and requirements set out in the TFEU. Multilateral surveillance shall rely on high quality and independent statistics, produced in accordance with the principles laid down in Regulation (EC) No 223/2009 of the European Parliament and of the Council.
Amendment 407 #
2023/0138(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Where necessary, following the assessment pursuant to this Regulation of the medium-term fiscal-structural plans, the annual progress reports and the socio- economic situation of the Member States concerned, the Council shall, on the basis of recommendations from the Commission, address recommendations to those Member States making full use of the legal instruments provided in Articles 121 and 148 TFEU and related secondary legislation. Such recommendations shall identify relevant measures to be taken in case of insufficient progress towards achieving applicable targets in line with Member States' reporting under Article 3.
Amendment 433 #
2023/0138(COD)
Proposal for a regulation
Article 5 – paragraph 1 a (new)
Article 5 – paragraph 1 a (new)
To aid the preparation of the report, the European Commission may consult the relevant Member State and national independent fiscal institution on the proposed technical trajectory. The report mentioned in paragraph 1 shall also be referred to the European Parliament. The European Parliament is entitled to organise a hearing or conduct a written consultation with the relevant Commissioner in order to gather additional information on the proposed technical trajectory in the two weeks following the submission of the report.
Amendment 440 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) the publicby the end of the adjustment period, at the latest, the 10-year debt tratio is put or remainjectory in the absence of further budgetary measures is on a plausibly downward path, or stays at prudent levels;
Amendment 449 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point b
Article 6 – paragraph 1 – point b
(b) the government deficit is brought and maintained below the 3% of GDP reference value in the absence of further budgetary measures over the same 10- year period;
Amendment 462 #
2023/0138(COD)
Proposal for a regulation
Article 6 – paragraph 1 – point c
Article 6 – paragraph 1 – point c
(c) the fiscal adjustment effort over the periodfirst four years of the national medium- term fiscal- structural plan is at least proportional to the total effort over the entire adjustment period;
Amendment 510 #
2023/0138(COD)
Proposal for a regulation
Article 6 a (new)
Article 6 a (new)
Article6a Requirements for setting the technical trajectory When designing the technical trajectory for each Member State, the Commission shall ensure that: (a) by the end of the adjustment period, at the latest, the 10-year debt trajectory in the absence of further budgetary measures is on a credibly downward path or stays at prudent levels; (b) the government deficit is brought and maintained below the 3% of GDP reference value in the absence of further budgetary measures over the same 10- year period; (c) for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the technical trajectory is also consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation (EU) [on the corrective arm]; (d) the public debt ratio stabilises over the adjustment period and is reduced over the projection period. The Commission will set out the minimum annual average adjustment figure for each Member State within a range of [x] p.p of debt to GDP and [y] p.p of debt to GDP, depending on that Member State's debt levels and sustainability and the business cycle, for the whole projection period. The technical trajectories shall be differentiated for each Member State.
Amendment 514 #
2023/0138(COD)
Proposal for a regulation
Article 7 – paragraph 1 – introductory part
Article 7 – paragraph 1 – introductory part
1. By [1 March] of the year [xxxx] in which the Member States have to submit for the first time their medium-term fiscal- structural plans or by [1 March] of the final year covered by the ongoing medium-term fiscal-structural plan or, as appropriate, within 3 weeks from the request of the Member State to submit a new plan, the Commission shall publish:
Amendment 515 #
2023/0138(COD)
Proposal for a regulation
Article 7 – paragraph 1 – introductory part
Article 7 – paragraph 1 – introductory part
1. By [1 March] of the year [xxxx] in which the Member States have to submit for the first time their medium-term fiscal- structural plans or, by [1 March] of the last year covered by the ongoing medium-term fiscal-structural plan or as appropriate, within 3 weeks from the request of the Member State to submit a new plan, the Commission shall publish:
Amendment 518 #
2023/0138(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point a
Article 7 – paragraph 1 – point a
(a) the underlying medium-term public debt pits macrojection framework and resultonomic forecast and assumptions;
Amendment 519 #
2023/0138(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point a
Article 7 – paragraph 1 – point a
(a) the underlying medium-term public debt projection framework and results; based on a specific methodology and results; it shall make all data, calculations and assumptions public that are necessary for a replication of the results;
Amendment 520 #
2023/0138(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point a
Article 7 – paragraph 1 – point a
(a) the underlying medium-term public debt projection framework, based on the debt sustainability analysis methodology, and results;
Amendment 523 #
2023/0138(COD)
Proposal for a regulation
Article 7 – paragraph 1 – point b
Article 7 – paragraph 1 – point b
(b) its macunderlying medium-term public debt projeconomic forecast and assumptiontion framework and results;
Amendment 539 #
2023/0138(COD)
Proposal for a regulation
Article 7 – paragraph 2
Article 7 – paragraph 2
2. For Member States having a government deficit below the 3% of GDP reference value and public debt below the 60% of GDP reference value, the Commission shall provide technical information regarding the structural primary balance necessary to ensure that the headline deficit is maintained below the 3% of GDP reference value and the public debt ratio remains below the 60% of GDP reference value, both without any additional policy measures over a 10-year period after the end of the national medium-term fiscal-structural plan.
Amendment 543 #
2023/0138(COD)
Proposal for a regulation
Article 7 – paragraph 3
Article 7 – paragraph 3
3. The Commission shall update the technical trajectories and the quantitative guidance at least once every 4 yearsfor every Member State as referred to in Article 5(1) in time for the submission of the next cycle of medium- term fiscal-structural plans.
Amendment 545 #
2023/0138(COD)
Proposal for a regulation
Article 7 – paragraph 3
Article 7 – paragraph 3
3. The Commission shall update the technical trajectories and the quantitative guidance at least once every 4 years in time in any case before the submission of the next cycle of medium-term fiscal- structural plans.
Amendment 547 #
2023/0138(COD)
Proposal for a regulation
Article 7 a (new)
Article 7 a (new)
Article7a Prior guidance by independent fiscal institutions 1. Each Member State shall make a draft plan available to the independent fiscal institution referred to in Article 8 of the Council Directive [on the national budgetary frameworks], at least 1 month before the submission of the national medium-term fiscal-structural plan. 2. The relevant independent fiscal institution shall assess the draft plan and shall give an opinion to the Member State. This opinion shall be made public. 3. In particular, the assessment shall address, among others: (a) the feasibility of complying with the net expenditure path considering the macroeconomic forecast and assumptions and the expected impact of the fiscal policies included in the draft plan; (b) whether the draft plan complies with the requirements set out in Article 12, in particular, whether the draft plan ensures the delivery of investment and reforms referred to in point (b); (c) the sound and verifiable economic arguments explaining the difference between the net expenditure path and the technical trajectory referred to in Article 11(2) of this Regulation.
Amendment 554 #
2023/0138(COD)
Proposal for a regulation
Article 8 – paragraph 1
Article 8 – paragraph 1
To assess plausibility that the projected public debt ratio of the Member State concerned is on a downward path or remains at a prudent level, the Commission shall use the methodology referred to in Annex Va methodology based on the following conditions: (i) public debt ratio should be declining, or stay at prudent levels, under the deterministic scenarios of the Commission’s medium-term public debt projection framework described in the Debt Sustainability Monitor 2022; (ii) the risk of the public debt ratio not decreasing in the 5 years following the adjustment period of the national medium-term fiscal-structural plan is sufficiently low. The risk is assessed with the help of the Commission’s stochastic analysis. The Commission shall adopt a delegated act defining the methodology to be used for assessing plausibility, in accordance with the provisions of Article 33. The Commission shall make public its analysis of plausibility and the underlying data.
Amendment 570 #
2023/0138(COD)
Proposal for a regulation
Article 8 a (new)
Article 8 a (new)
Article8a Prior guidance by independent fiscal institutions 1. Each Member State shall make a draft plan available to the independent fiscal institution referred to in Article 8 of the Council Directive [on the national budgetary frameworks], at least 1 month before the submission of the national medium-term fiscal-structural plan. 2. The relevant independent fiscal institution shall assess the draft plan and shall give an opinion to the Member State. This opinion shall be made public. 3. In particular, the assessment shall address: (a) the feasibility of complying with the net expenditure path considering the macroeconomic forecast and assumptions and the expected impact of the fiscal policies included in the draft plan; (b) whether the draft plan complies with the requirements set out in Article 12; (c) the sound and verifiable economic arguments explaining the difference between the net expenditure path and the technical trajectory referred to in Article 11(2) of this Regulation.
Amendment 580 #
2023/0138(COD)
Proposal for a regulation
Article 9 – paragraph 1
Article 9 – paragraph 1
Each Member State shall submit to the Council and to the Commission a national medium-term fiscal-structural plan, accompanied by an opinion of the independent fiscal institutions of the Member State, before end-April following the entry into force of this Regulation. The Member State concerned and the Commission may agree to extend this deadline by a reasonable period if necessary.
Amendment 583 #
2023/0138(COD)
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
Amendment 585 #
2023/0138(COD)
Proposal for a regulation
Article 9 – paragraph 1 a (new)
Article 9 – paragraph 1 a (new)
Each Member State shall submit to the Council and to the Commission a new national medium-term fiscal-structural plan before end-April of the last year covered by the ongoing medium-term fiscal-structural plan.
Amendment 587 #
2023/0138(COD)
Proposal for a regulation
Article 9 – paragraph 2
Article 9 – paragraph 2
The Member State shall make its national medium-term fiscal-structural plan public immediately upon its submission to the Council and the Commission.
Amendment 594 #
2023/0138(COD)
Proposal for a regulation
Article 10 – paragraph 1
Article 10 – paragraph 1
Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold with the Commission a technical dialogue, with the objective of ensuring that the national medium-term fiscal-structural plan complies with Articles 11, 12, 14 and 143, if applicable, as well as ensuring that the opinion of the independent fiscal institutions is duly taken into account.
Amendment 599 #
2023/0138(COD)
Proposal for a regulation
Article 10 a (new)
Article 10 a (new)
Article10a Consultations with relevant stakeholders Prior to the submission of its national medium-term fiscal-structural plan, the Member State concerned shall hold a consultation process, conducted in accordance with the national legal framework, of local and regional authorities, social partners, civil society organisations, youth organisations and other relevant stakeholders.
Amendment 606 #
2023/0138(COD)
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
Article 11 – paragraph 1 – subparagraph 1
The national medium-term fiscal-structural plan shall provide the information listed in Annex II. In particular, it shall present a net expenditure trajectorypath covering a period of at least 4 years, as well as the underlying macroeconomic assumptions and the planned fiscal-structural measures in order to demonstrate compliance with the requirements of Article 12.
Amendment 607 #
2023/0138(COD)
Proposal for a regulation
Article 11 – paragraph 1 – subparagraph 1
Article 11 – paragraph 1 – subparagraph 1
The national medium-term fiscal-structural plan shall provide the information listed in Annex II. In particular, it shall present a net expenditure trajectorypath covering a period of at least 4 years, as well as the underlying macroeconomic assumptions and the planned fiscal-structural measures in order to demonstrate compliance with the requirements of Article 12.
Amendment 623 #
2023/0138(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. Where the national-medium-term fiscal-structural plan includes a higher net expenditure trajectory than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic arguments explaining the difference. The explanation shall be accompanied by an assessment by the Independent Fiscal Institutions of the Member State of the economic arguments put forward by the Member State.
Amendment 625 #
2023/0138(COD)
Proposal for a regulation
Article 11 – paragraph 2
Article 11 – paragraph 2
2. Where the national-medium-term fiscal-structural plan includes a higher net expenditure trajectorypath than in the technical trajectory issued by the Commission pursuant to Article 5, the Member State shall provide in its plan sound and verifiable economic arguments explaining the difference.
Amendment 628 #
2023/0138(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point a
Article 12 – paragraph 1 – point a
Amendment 636 #
2023/0138(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point a a (new)
Article 12 – paragraph 1 – point a a (new)
(a a) ensure that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or plausibly stays at prudent levels;
Amendment 640 #
2023/0138(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point a b (new)
Article 12 – paragraph 1 – point a b (new)
(a b) ensure that the government deficit is maintained below the 3% of GDP reference value throughout the duration of the plan or that the government deficit is brought swiftly below the 3% of GDP reference value at the latest by the end of the adjustment period when the deficit is above this reference value at the time of submission of the national medium-term fiscal-structural plan;
Amendment 641 #
2023/0138(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point a c (new)
Article 12 – paragraph 1 – point a c (new)
(a c) ensure that the government deficit is maintained below the 3% of GDP reference value in the absence of further budgetary measures over a period of 10 years and that, after the end of the national medium-term fiscal-structural plan, the 10-year debt trajectory in the absence of further budgetary measures is on a plausibly downward path or stays at prudent levels;
Amendment 642 #
2023/0138(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point a d (new)
Article 12 – paragraph 1 – point a d (new)
(a d) ensure that, if applicable, the fiscal adjustment effort over the first four years of the national medium-term fiscal- structural plan is at least proportional to the total effort over the entire adjustment period;
Amendment 643 #
2023/0138(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point a e (new)
Article 12 – paragraph 1 – point a e (new)
(a e) ensure that, for the years that the Member State concerned is expected to have a deficit above the 3% of GDP reference value, and the excess is not close and temporary, the fiscal adjustment is consistent with the benchmark referred to under Article 3 of Regulation (EC) No 1467/97 as amended by Regulation [on the corrective arm];
Amendment 670 #
2023/0138(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point c
Article 12 – paragraph 1 – point c
(c) if applicable, explain how it will ensure the delivery of a relevant set of reforms and investments referred to in Article 13, underpinning an extension of the Member State’s adjustment period by 3 years at most; and
Amendment 673 #
2023/0138(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point d
Article 12 – paragraph 1 – point d
(d) if applicable, explain how it will ensure consistency with the Recovery and Resilience Plan of the Member State concerned during the period of availability of the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241.
Amendment 679 #
2023/0138(COD)
Proposal for a regulation
Article 12 – paragraph 1 – point d a (new)
Article 12 – paragraph 1 – point d a (new)
(d a) explain how the consultation process was conducted and how the input of the stakeholders is reflected in the plan.
Amendment 699 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1
Article 13 – paragraph 2 – subparagraph 1
The set of reform and investment commitments underpinning an extension of the adjustment period, shall be commensurate with the degree of public debt challenges and challenges to medium- term growth in the Member State concerned, including demographic challenges.
Amendment 700 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 1
Article 13 – paragraph 2 – subparagraph 1
The set of reform and investment commitments underpinning an extension of the adjustment period, shall be commensurate with the degree of public debt challenges and challenges to medium- term growth in the Member State concerned, including the demographic challenge.
Amendment 708 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i
Article 13 – paragraph 2 – subparagraph 2 – point i
(i) be growth enhancing or improve the resilience of the economy;
Amendment 709 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point i
Article 13 – paragraph 2 – subparagraph 2 – point i
(i) be growth and resilience enhancing;
Amendment 736 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 2 – subparagraph 2 – point v
Article 13 – paragraph 2 – subparagraph 2 – point v
(v) ensure that the overalla sufficient level of nationally financed public investment over the lifetime of the national medium-term fiscal-structural plan is higher than the medium-term level before the period of that planaddresses pressing investment gaps.
Amendment 752 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 4
Article 13 – paragraph 4
4. During the lifetime of the Recovery and Resilience Facility, in accordance with Regulation (EU) 2021/241, commitments included in the approved Recovery and Resilience Plan of the Member State concerned canshall be taken into account for an extension of the adjustment period, as long as they fulfil the requirements laid down in paragraphs 1, 2 and 3 of this Article.
Amendment 754 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 4 a (new)
Article 13 – paragraph 4 a (new)
4 a. Commitments included in the Partnership Agreement in Multiannual Financial Framework can also be taken into account for an extension of the adjustment period, as long as they fulfil the requirements laid down in paragraphs 1, 2 and 3.
Amendment 755 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 4 b (new)
Article 13 – paragraph 4 b (new)
4 b. Commitments that are matched by at least 40% private investment may, upon request for approval from the Commission, exceptionally account for this investment evenly until the maturity of the investment, meaning that the credit recorded in the control account may be spread evenly over the lifetime of the investment.
Amendment 758 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 5
Article 13 – paragraph 5
5. The assessment of whether the set of reforms and investment commitments fulfil the criteria set out in paragraph 2 and of whether each of the reform and investment commitment fulfil the conditions set out in paragraph 3 shall be carried out by the European Fiscal Board in accordance with the assessment framework set out in Annex VII.
Amendment 761 #
2023/0138(COD)
Proposal for a regulation
Article 13 – paragraph 5
Article 13 – paragraph 5
5. The assessment of whether the set of reforms and investment commitments fulfil the criteria set out in paragraph 2 and of whether each of the reform and investment commitment fulfil the conditions set out in paragraph 3 shall be carried out in accordance with the assessment framework set out in Annex VII. The assessment should be accompanied by an independent evaluation of the respective national IFI and the EFB.
Amendment 763 #
2023/0138(COD)
Proposal for a regulation
Article 14 – title
Article 14 – title
Amendment 770 #
2023/0138(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. A Member State may request to submit a revismodified national medium-term fiscal-structural plan to the Commission before the end of its adjustment periodthe plan if there are objective circumstances preventing the implementation of the original national medium-term fiscal- structural plan or if the submission of a new national medium-term fiscal- structural plan is requested by a new government. The European Fiscal Board shall assess whether objective circumstances exist, following the guidelines adopted by the Commission.
Amendment 771 #
2023/0138(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission before the end of its adjustment periodlast year covered by the ongoing medium-term fiscal-structural plan if there are objective circumstances preventing the implementation of the originalngoing national medium-term fiscal- structural plan or if the submission of a new national medium-term fiscal-structural plan is requested by a new government.
Amendment 772 #
2023/0138(COD)
Proposal for a regulation
Article 14 – paragraph 1
Article 14 – paragraph 1
1. A Member State may request to submit a revised national medium-term fiscal-structural plan to the Commission no later than six months before the end of its adjustment periodplanning horizon if there are objective circumstances preventing the implementation of the original national medium-term fiscal- structural plan or if the submission of a new national medium-term fiscal-structural plan is requested by a new government.
Amendment 775 #
2023/0138(COD)
Proposal for a regulation
Article 14 – paragraph 1 a (new)
Article 14 – paragraph 1 a (new)
1 a. A revised national medium-term fiscal-structural plan submitted by a new government shall only reverse or remove investments present in the original plan if their removal does not result in unjustified additional costs for the Member State.
Amendment 776 #
2023/0138(COD)
Proposal for a regulation
Article 14 – paragraph 1 b (new)
Article 14 – paragraph 1 b (new)
1 b. A revised national medium term fiscal structural plan shall be accompanied by an opinion of the Independent Fiscal Institutions of the Member State on the objective circumstances preventing the implementation of the original plan and, where relevant, the necessity to remove or reverse committed investments.
Amendment 781 #
2023/0138(COD)
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. Prior to the submission of the revismodified national medium-term fiscal- structural plan, the Commission shall put forward, in a report to the Economic and Financial Committee, a new technical trajectory or new technical information, as applicable. The relevant independent fiscal institution shall give an opinion, as referred to in Article 7a.
Amendment 782 #
2023/0138(COD)
Proposal for a regulation
Article 14 – paragraph 2
Article 14 – paragraph 2
2. Prior to the submission of the revised national medium-term fiscal- structural plan, the Commission shall put forward, in a report to the Economic and Financial Committee, a new technical trajectory or technical information, where applicable .
Amendment 787 #
2023/0138(COD)
Proposal for a regulation
Article 14 – paragraph 3
Article 14 – paragraph 3
3. Taking into account the past adjustment of the Member State concerned or the lack thereof, the new technical trajectory shall not allow backloading of the fiscal adjustment effort and shall not lead to a lower fiscal adjustment effort, when applicable. The opinion of the independent fiscal institution referred in paragraph 2 shall include an assessment on the potential backloading of the fiscal adjustment effort of the modified medium- term fiscal-structural plan.
Amendment 789 #
2023/0138(COD)
Proposal for a regulation
Article 14 – paragraph 4
Article 14 – paragraph 4
4. Where a revismodified national medium- term fiscal-structural plan is submitted, Articles 12 and 15 to 19 shall apply.
Amendment 792 #
2023/0138(COD)
Proposal for a regulation
Article 14 – paragraph 5
Article 14 – paragraph 5
5. The Commission shall in particular assess, if applicable, whether any extension of the adjustment period is to continue to apply under the revismodified national medium- term fiscal-structural plan,. To this end, the European Fiscal Board shall give an opinion taking into account the implementation of the set of reform and investment commitments underpinning the extension under the original plan and the changes in terms of public debt challenges under the revismodified national medium-term fiscal-structural plan.
Amendment 794 #
2023/0138(COD)
Proposal for a regulation
Article 15 – title
Article 15 – title
Assessment of national medium-term fiscal-structural plans by the Commission
Amendment 798 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 1
Article 15 – paragraph 1
1. The Commission shall assess each national medium-term fiscal-structural plan within 2 months of its submission. The Member State concerned and the Commission may agree to extend the period of assessment by a reasonable period if necessary, not exceeding one additional month.
Amendment 802 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point a
Article 15 – paragraph 2 – point a
(a) whether the national medium-term fiscal-structural plan ensures that public debt is put or kept on a plausibly downward path by the end of the adjustment period at the latest, or stays at prudent levelscomplies with the requirements set out in Article 12;
Amendment 813 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point a a (new)
Article 15 – paragraph 2 – point a a (new)
(a a) whether the set of reform and investment commitments underpinning an extension of the adjustment period fulfils the conditions set out in Article 13;
Amendment 814 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point a b (new)
Article 15 – paragraph 2 – point a b (new)
(a b) whether the other reform and investment commitments contained in the plan comply with the requirements of Article 12, point (b).
Amendment 815 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point b
Article 15 – paragraph 2 – point b
Amendment 819 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point c
Article 15 – paragraph 2 – point c
Amendment 824 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point d
Article 15 – paragraph 2 – point d
Amendment 825 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point d
Article 15 – paragraph 2 – point d
Amendment 833 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point e
Article 15 – paragraph 2 – point e
Amendment 834 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point e
Article 15 – paragraph 2 – point e
Amendment 842 #
2023/0138(COD)
Amendment 846 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point f
Article 15 – paragraph 2 – point f
Amendment 869 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 3 – introductory part
Article 15 – paragraph 3 – introductory part
3. In addition the Commission shall examine for the Member State concerned:The European Fiscal Board shall asess whether the set of reform and investment commitments underpinning an extension of the adjustment period fulfil the conditions set out in Article 13.The European Fiscal Board shall elaborate a report and inform the Commission about the result of the assessment not later than one month from the submission of the national medium-term fiscal-structural plan.That report shall be made public. When deciding whether the set of reform and investment commitments underpinning an extension of the adjustment period as referred to in paragraph 2, the Commission shall take into account the report of the European Fiscal Board.
Amendment 870 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 3 – point a
Article 15 – paragraph 3 – point a
Amendment 872 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 3 – point b
Article 15 – paragraph 3 – point b
Amendment 873 #
2023/0138(COD)
Proposal for a regulation
Article 15 – paragraph 3 – point b
Article 15 – paragraph 3 – point b
Amendment 879 #
2023/0138(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
The Council, on a recommendation from the Commission, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within four weeks of the adoption of the Commission recommendation as a rule. The recommendation from the Commission regarding the extension of the adjustment period shall be in line with the assessment of the European Fiscal Board, otherwise, the Commission shall explain the deviation using sound economic arguments.
Amendment 880 #
2023/0138(COD)
Proposal for a regulation
Article 16 – paragraph 1
Article 16 – paragraph 1
The Council, on a recommendation from the Commission and after consulting the relevant advisory committees identified in Article 26, shall adopt a recommendation setting the net expenditure path of the Member State concerned and, if applicable, endorsing the set of reform and investment commitments underpinning an extension of the adjustment period included in its national medium-term fiscal-structural plan within fourbetween six and ten weeks ofrom the adoption of the Commission recommendation as a rule, depending on the reform and investment commitments included in the plan.
Amendment 899 #
2023/0138(COD)
Proposal for a regulation
Article 18 – paragraph 1 – introductory part
Article 18 – paragraph 1 – introductory part
The Council shall, on a recommendation from the Commission, recommend to the Member State concerned that the technical trajectory issued by the Commission, in accordance with Article 5, be the net expenditure path of the Member State where:
Amendment 904 #
2023/0138(COD)
Proposal for a regulation
Article 18 – paragraph 1 – point b
Article 18 – paragraph 1 – point b
(b) the Council considers that the revised national medium-term fiscal- structural plan does not comply with the requirements set out in Article 15(2) and (3), point (a)2;
Amendment 905 #
2023/0138(COD)
Proposal for a regulation
Article 18 – paragraph 1 – point b
Article 18 – paragraph 1 – point b
(b) the Council considers that the revised national medium-term fiscal- structural plan does not comply with the requirements set out in Article 15(2) and (3), point (a)2;
Amendment 907 #
2023/0138(COD)
Proposal for a regulation
Article 18 – paragraph 1 – point c
Article 18 – paragraph 1 – point c
(c) the Member State fails to submit an initial national medium term fiscal- structural plan or a new national medium- term fiscal-structural plan at the end of the periodfinal year covered by the previous national medium-term fiscal- structural plan.
Amendment 911 #
2023/0138(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
Where a Member State has been granted an extension of its adjustment period but, according to the annual report published by the independent fiscal institutions as referred to in Article 22, fails to satisfactorily comply with its set of reform and investment commitments underpinning the extension referred to in Article 13(1), the Council may on a recommendation from the Commission, recommend a revised net expenditure path with a shorter adjustment period.
Amendment 920 #
2023/0138(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Each Member State shall submit to the Commission an annual progress report on the implementation of its national medium-term fiscal-structural plan, by 15 April each year at the latesteach year in April, preferably by mid-April and not later than 30th of April.
Amendment 921 #
2023/0138(COD)
Proposal for a regulation
Article 20 – paragraph 1
Article 20 – paragraph 1
1. Each Member State shall submit to the Commission an annual progress report on the implementation of its national medium-term fiscal-structural plan, by 15 April each year at the latesteach year in April, preferably by mid-April and not later than 30 April.
Amendment 926 #
2023/0138(COD)
Proposal for a regulation
Article 20 – paragraph 2
Article 20 – paragraph 2
2. The annual progress report referred to in paragraph 1 shall contain in particular information about the progress in the implementation of the net expenditure path, the implementation of broader reform and investment commitments in the European Semester contextreferred to in Article 12, paragraph 1, point (b) and, if applicable, in the implementation of the set of reform and investment commitments underpinning an extension of the adjustment period.
Amendment 932 #
2023/0138(COD)
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
The Commission shall monitor the implementation of the national medium- term fiscal-structural plan, and in particular,including the net expenditure path and the reform and investment commitments.
Amendment 933 #
2023/0138(COD)
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
The Commission shall monitor the implementation of the national medium- term fiscal-structural plan, and in particular, the net expenditure path and the reform and investment commitments.
Amendment 936 #
2023/0138(COD)
Proposal for a regulation
Article 21 – paragraph 2
Article 21 – paragraph 2
The Commission shall set up a control account, functioning in accordance with Annex IV, and shall keep track of cumulative upward (debit) and downward (credit) deviations of actual net expenditures from the net expenditure path. The cumulated balance of the control account in a given period is the sum of the yearly debits and credits registered during that period. A Member state will be deemed not to be in compliance with its net expenditure path when: (a) net expenditure exceeds the net expenditure path by more than [xxx] % of GDP in one single year of the plan horizon;or, (b) the cumulated balance of the control account exceeds a debit of more than [xxx]% of GDP.
Amendment 946 #
2023/0138(COD)
Proposal for a regulation
Article 22 – title
Article 22 – title
Amendment 949 #
2023/0138(COD)
Proposal for a regulation
Article 22 – paragraph 1
Article 22 – paragraph 1
Each national independent fiscal institution referred to in Article 8 of Council Directive […]32 [on the national budgetary frameworks] shall provideduce an annual report providing an assessment of compliance of the budgetary outturns data reported in the progress report referred to in Article 20 with the net expenditure path. Where applicable, each national independent fiscal institution shall also analyse the factors underlying a deviation from the net expenditure path. The annual report shall also include an assessment on the progress in delivering the investments and reforms referred to in Article 12 paragraphs b) and c). The annual report shall be submitted to the Member State and to the Commission and shall be made public. _________________ 32 Council Directive […] of […] [amending Council Directive 2011/85/EU on requirements for budgetary frameworks of the Member States] (OJ …., …, p,…)
Amendment 958 #
2023/0138(COD)
Proposal for a regulation
Article 22 a (new)
Article 22 a (new)
Amendment 983 #
2023/0138(COD)
Proposal for a regulation
Article 24 – paragraph 1 a (new)
Article 24 – paragraph 1 a (new)
Before drafting the recommendation, the European Fiscal Board shall submit an opinion to the Commission assessing whether a severe economic downturn on the euro area or the Union as a whole exist and shall propose a time-limit for the deviation. The opinion shall be made available to the Council and shall be made public.
Amendment 989 #
2023/0138(COD)
Proposal for a regulation
Article 24 – paragraph 3 a (new)
Article 24 – paragraph 3 a (new)
Before an extension of the period is recommended, the Commission shall gather the opinion of the European Fiscal Board. The opinion shall be made available to the Council and shall be made public.
Amendment 1002 #
2023/0138(COD)
Proposal for a regulation
Article 25 – paragraph 1 a (new)
Article 25 – paragraph 1 a (new)
Before drafting the recommendation, the European Fiscal Board shall submit an opinion to the Commission assessing whether exceptional circumstances outside the control of the Member State leading to a major impact on the public finances of the Member State concerned exist. The opinion shall also assess whether the deviation endangers fiscal sustainability and shall propose a time- limit for the deviation. The opinion shall be made available to the Council and shall be made public.
Amendment 1009 #
2023/0138(COD)
Proposal for a regulation
Article 25 – paragraph 2 a (new)
Article 25 – paragraph 2 a (new)
Before an extension of the period is recommended, the Commission shall gather the opinion of the European Fiscal Board. The opinion shall be made available to the Council and shall be made public.
Amendment 1013 #
2023/0138(COD)
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic dialogue as well as for setting macroeconomic and social policy priorities . The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders, in particular the social partners, shall be involved within the framework of the European Semester, on the main policy issues where appropriate, in accordance with the provisions of the TFEU and national legal and political arrangements.
Amendment 1014 #
2023/0138(COD)
Proposal for a regulation
Article 26 – paragraph 1
Article 26 – paragraph 1
The European Parliament shall be duly involved in the European Semester in order to increase the transparency and ownership of, and the accountability for the decisions taken, in particular by means of an economic dialogue, as well as for setting macroeconomic and social policy priorities. The Economic and Financial Committee, the Economic Policy Committee, the Employment Committee and the Social Protection Committee shall be consulted within the framework of the European Semester where appropriate. Relevant stakeholders, in particular the social partners, shall be involved within the framework of the European Semester, on the main policy issues where appropriate, in accordance with the provisions of the TFEU and national legal and political arrangements.
Amendment 1031 #
2023/0138(COD)
Proposal for a regulation
Article 30 – paragraph 1
Article 30 – paragraph 1
Amendment 1036 #
2023/0138(COD)
Proposal for a regulation
Article 30 – paragraph 2 a (new)
Article 30 – paragraph 2 a (new)
2 a. Where the Council decides against opening an excessive imbalance procedure under Article 7 (2) of Regulation (EU) No 1176/2011 in cases where the Commission considers that the Member State concerned is affected by excessive imbalances on the basis of the in-depth review referred to in Article 5 of that Regulation, it shall publicly explain its position.
Amendment 1038 #
2023/0138(COD)
Proposal for a regulation
Article 31 – paragraph 2 a (new)
Article 31 – paragraph 2 a (new)
Where a Member State becomes subject to a macroeconomic adjustment programme in accordance with Article 7 of Regulation (EU) No 472/2013, the medium-term fiscal-structural plan shall be taken into account in the design of the macroeconomic adjustment programme.
Amendment 1045 #
2023/0138(COD)
Proposal for a regulation
Article 33 – paragraph 2
Article 33 – paragraph 2
2. The power to adopt delegated acts referred to in Article 8 and Article 32 shall be conferred for an indeterminate period of time from XXXthe entry into force of this Regulation .
Amendment 1047 #
2023/0138(COD)
Proposal for a regulation
Article 33 – paragraph 3
Article 33 – paragraph 3
3. The delegations of power referred to in Article 8 and Article 32 may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect on the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.
Amendment 1050 #
2023/0138(COD)
Proposal for a regulation
Article 33 – paragraph 6
Article 33 – paragraph 6
6. A delegated act adopted pursuant to Article 8 and Article 32 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.
Amendment 1059 #
2023/0138(COD)
Proposal for a regulation
Article 36 – paragraph 1
Article 36 – paragraph 1
1. By [31 December 203029] and every 5 years thereafter, the Commission shall submit to the European Parliament and to the Council a report on the application of this Regulation accompanied, where appropriate, by a proposal to amend this Regulation. The Commission shall make that report public.
Amendment 1061 #
2023/0138(COD)
Proposal for a regulation
Article 36 – paragraph 2 – introductory part
Article 36 – paragraph 2 – introductory part
2. The report referred to in paragraph 1 shall assess and review:
Amendment 1066 #
2023/0138(COD)
Proposal for a regulation
Article 36 – paragraph 2 – point a a (new)
Article 36 – paragraph 2 – point a a (new)
(a a) the use of the delegated powers as stated in Article 33;
Amendment 1126 #
2023/0138(COD)
Proposal for a regulation
Annex II – paragraph 1 – point l
Annex II – paragraph 1 – point l
(l) A quantification, as much as possible, of the expected impacts of reforms and investment referred to under point (k) on fiscal sustainability, growth andsustainable and inclusive growth, competitiveness and quality employment, where applicable in line with commonly agreed methodologies.
Amendment 1145 #
2023/0138(COD)
Proposal for a regulation
Annex III – paragraph 1 – point f
Annex III – paragraph 1 – point f
(f) During the lifetime of the Recovery and Resilience Facility, any EU investment instrument that would serve a similar purpose, information on the progress of implementation of the Recovery and Resilience Plan, to comply with the bi-annual reporting requirements in the context of the European Semester set out in Article 27 of Regulation (EU) 2021/241.
Amendment 1159 #
2023/0138(COD)
Proposal for a regulation
Annex IV – paragraph 3
Annex IV – paragraph 3
The cumulated balance of the control account in a given period is the sum of the yearly debits and credits registered during that period. A Member State will be deemed not to be in compliance with its net expenditure path when: (a) net expenditure exceeds the net expenditure path by more than [xxx] % of GDP in one single year of the plan horizon;or, (b) the cumulated balance of the control account exceeds a debit of more than [xxx]% of GDP.
Amendment 1163 #
2023/0138(COD)
Proposal for a regulation
Annex V – paragraph 1 – introductory part
Annex V – paragraph 1 – introductory part
The methodology for the assessment of plausibility pursuant to Article 8 is replicable, predictable and transparent and based on the following conditions:
Amendment 23 #
2023/0137(CNS)
Proposal for a regulation
Recital 8
Recital 8
(8) In order to simplify the Union fiscal framework and increase transparency, a single operational indicator anchored in debt sustainability should serve as a basis for setting the fiscal path and carrying out annual fiscal surveillance for each Member State. That single indicator should be based on nationally financed net primary expenditure, that is to say expenditure net of discretionary revenue measures and excluding interest expenditure as well as cyclical unemployment expenditure and expenditure on Union programmes fully matched by revenue from Union funds, including the costs related to the borrowing of funds for the loans related to Union programmes. This indicator allows for macro-economic stabilisation as it is not affected by the operation of automatic stabilisers, including revenue and expenditure fluctuations outside the direct control of the government.
Amendment 48 #
2023/0137(CNS)
Proposal for a regulation
Recital 16 a (new)
Recital 16 a (new)
(16a) For those years where deficit is expected to remain above the reference value, the net expenditure path should be consistent with an effective yearly reduction of 0.5% of the Member State GDP on average. The Commission will set an annual minimum adjustment figure for each Member State, and those figures will fall within a range of 0.2% to 0.8% of GDP as a benchmark. When deciding the exact figure for each Member State each year, the Commission will take into account the economic growth of the Union as a whole and of that Member State, together with the past adjustments and future projected adjustments of the Member State during the correction period. That way, deficit reduction will oscillate below or above a 0.5% target in order to avoid procyclicality, while compliance with the wider deficit reduction objective is preserved as there is an obligation to have an effective deficit reduction of 0.5% of GDP per year on average. During periods of high economic growth, the annual minimum adjustment should be set by the Commission above 0.5%, and the opposite should happen in times of economic contraction. When conducting the calculations and assessments to set the annual minimum adjustment figure, the Commission will also take into account deficit reduction in the previous years of the period and the remaining deficit reduction needed to ensure a reduction of 0.5% of GDP on average by the end of the correction period. Therefore, when providing the minimum adjustment figure for a given year, the Commission will also present the estimates for the annual minimum adjustment figure during the remaining years of the correction period. The Commission should incorporate into its assessment a worst-case scenario where an economic downturn persists until the end of the period and assess its likelihood, in order to avoid any potential backloading
Amendment 69 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 1 – paragraph 2 – point b
Article 1 – paragraph 2 – point b
(b) ‘net expenditure’ means government expenditure net of interest expenditure, discretionary revenue measures, costs related to the borrowing of funds for the loans related to the national plans in accordance with the Recovery and Resilience Facility in accordance with Regulation (EU) 2021/241 , cyclical elements of unemployment benefit expenditure and other budgetary variables outside the control of the government, as defined in Annex II, point (a) of Regulation (EU) of the European Parliament and of the Council [on the preventive arm]*;
Amendment 87 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 1 – subparagraph 2
Article 2 – paragraph 1 – subparagraph 2
In addition, the excess over the reference value shall be considered temporary where budgetary forecasts as provided by the Commission, after gathering the opinion of the relevant national independent fiscal institution, indicate that the deficit will fall below the reference value following the end of the severe economic downturn or the exceptional circumstances referred to in the first subparagraph.
Amendment 96 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) No 1467/97
Article 2 – paragraph 1a a (new)
Article 2 – paragraph 1a a (new)
1aa. The European Fiscal Board shall elaborate an annual report assessing Member States having a government deficit above the 3% of GDP reference value or public debt above the 60% of GDP reference value. In this report, the European Fiscal Board shall evaluate, in particular, whether the excessive deficit can be considered exceptional and temporary according to paragraph 1, whether a severe economic downturn referred to in paragraph 2 might exist, as well as, all the factors included in paragraph 3. The European Fiscal Board shall also include, in its annual report, an opinion on whether an excessive deficit procedure should be opened for a particular Member State. The report shall be submitted to the Commission and shall be made public.
Amendment 146 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EC) 1467/97
Article 2 – paragraph 3 – subparagraph 3 – point d a (new)
Article 2 – paragraph 3 – subparagraph 3 – point d a (new)
(da) the investments made in defence to ensure open strategic autonomy and in the green transition to achieve the climate goals;
Amendment 186 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EC) No 1467/97
Article 3 – paragraph 4 – subparagraph 1
Article 3 – paragraph 4 – subparagraph 1
The Council recommendation made in accordance with Article 126(7) TFEU shall establish a maximum deadline of six months for effective action to be taken by the Member State concerned. When warranted by the seriousness of the situation, the deadline for effective action may be three months. The Council recommendation shall also establish a deadline for the correction of the excessive deficit. In its recommendation, the Council shall also request that the Member State implements a corrective net expenditure path, which ensures that the general government deficit remains or is brought and maintained below the reference value within the deadline set in the recommendation. For the years when the general government deficit is expected to exceed the reference value, the corrective net expenditure path shall be consistent with a minimum annual adjustment of at least 0,5% of GDP as a benchmarkon average. Each year, an annual minimum adjustment figure for each Member State shall be set by the Commission, after consulting the European Fiscal Board, within a range of 0.2% to 0.8% of GDP as a benchmark. The annual minimum adjustment figure shall be determined on the basis of the following criteria: (i) Expected GDP growth in the relevant year in both the Union as a whole and the specific Member State. (ii) Past adjustments and future forecasted adjustments by the specific Member State within the adjustment period. When providing the annual minimum adjustment figure, the Commission shall also release a projection of annual minimum adjustment figures for each of the remaining years of the adjustment period based on its own economic growth forecasts. The total minimum adjustment foreseen in that projection shall be equivalent to a 0.5 percent annual adjustment on average. The quantitative elements and the calculations needed for determining the annual minimum adjustment figures for each Member State shall be developed by the Commission in a delegated act in accordance with Article 17a(new) of this Regulation.
Amendment 221 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 – point a
Article 1 – paragraph 1 – point 4 – point a
Regulation (EC) No 1467/97
Article 5 – paragraph 1 – subparagraph 1
Article 5 – paragraph 1 – subparagraph 1
Any Council decision to give notice to the participating Member State concerned to take measures for the deficit reduction in accordance with Article 126(9) TFEU shall be taken within two months of the Council decision under Article 126(8) TFEU establishing that no effective action has been taken. In the notice, the Council shall request that the Member State implements a corrective net expenditure path which ensures that the general government deficit remains or is brought and maintained below the reference value within the deadline set in the notice. For the years where the general government deficit is expected to exceed the reference value, the corrective net expenditure path shall be consistent with athe minimum annual adjustment of at least 0,5% of GDP as a benchmarkon average as referred to in Article 3, paragraph 4 of this Regulation.
Amendment 247 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EC) No 1467/97
Article 10 – paragraph 1a (new)
Article 10 – paragraph 1a (new)
1a. In case an excessive deficit procedure has been opened, the European Fiscal Board shall elaborate an annual report assessing the implementation of action taken, as well as, the potential existence of a severe economic downturn in accordance with Article 24 of Regulation (EU) [on the preventive arm] or exceptional circumstances in accordance with Article 25 of Regulation (EU) [on the preventive arm]. In this report, the European Fiscal Board shall give an opinion on whether sanctions under Article 12 should be imposed or if any other decision should be taken. The report shall be submitted to the Commission and shall be made public.
Amendment 277 #
2023/0137(CNS)
Proposal for a regulation
Article 1 – paragraph 1 – point 14 a (new)
Article 1 – paragraph 1 – point 14 a (new)
Regulation (EC) No 1467/97
Article 17 c (new)
Article 17 c (new)
(14a) The following Article 17c is inserted: 'Article 17c Exercise of the delegation The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. The power to adopt the delegated acts referred to in Article 3 shall be conferred on the Commission for a period of one year from [Please insert the date of entry into force of this Council Regulation.] Before adopting a delegated act, the Commission shall consult experts designated by each Member State in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. A delegated act adopted pursuant to Article 3 shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of one month of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by one month at the initiative of the European Parliament or of the Council.’;
Amendment 21 #
2023/0081(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2 a) In this regard and although State aid can provide financial support in a fast and targeted manner, financial support to net-zero technologies cannot solely rely on a relaxation of State aid rules, considering the heterogeneity of Member States’ budgetary capacities, which could have adverse effects on the functioning of the Single Market. To avoid a fragmentation of the Single Market, it is necessary to consider a European approach to financial support for net-zero technologies, complementing private and national public funding.
Amendment 23 #
2023/0081(COD)
Proposal for a regulation
Recital 2 a (new)
Recital 2 a (new)
(2 a) The Commission and Member States should encourage cross-border net- zero technology manufacturing projects and Net-Zero Strategic Projects. Fostering convergence and cooperation across the EU will facilitate the achievement of the net-zero objectives in a more cost-efficient manner, promoting economies of scale and avoiding fragmentation.
Amendment 43 #
2023/0081(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) For the purposes of taking into account within a public procurement procedure of the need to diversify sources of supply of net-zero technologies away from single sources of supply within the meaning of Article 19 (2), and without prejudice to the Union’s international commitments, the supply should at least be deemed insufficiently diversified where a single source supplies for more than 650% of the demand for a specific net-zero technology within the Union.
Amendment 44 #
2023/0081(COD)
Proposal for a regulation
Recital 29
Recital 29
(29) For the purposes of setting up schemes benefitting households or consumers which incentivise the purchase of net-zero technology final products, and without prejudice to the Union’s international commitments, the supply should be deemed insufficiently diversified where a single source supplies more than 650% of the total demand for a specific net- zero technology within the Union. To ensure a consistent application, the Commission should publish a yearly list starting on the date of application of this Regulation, of the distribution of the origin of net zero technology final products which fall under this category, broken down by the share of Union supply originating in different sources in the last year for which data is available.
Amendment 45 #
2023/0081(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) The application of the provisions on resilience in public procurement procedures set out in Article 19 should be without prejudice to the application of Regulation 2022/1031/EU of the European Parliament and the Council, Article 25 of Directive 2014/24/EU of the European Parliament and of the Council47 , and Articles 43 and 85 of Directive 2014/25/EU of the European Parliament and of the Council48 , as according with the Commission’s guidance of 201949 . The same way, public procurement provisions should continue to apply to works, supplies and services subject to Article 19, including article 67 (4) of Directive 2014/24/EU and any implementing measures resulting from the Proposal for a Regulation establishing a framework for setting ecodesign requirements for sustainable products. __________________ 47 Directive 2014/24/EU of the European Parliament and of the Council of 26 February 2014 on public procurement and repealing Directive 2004/18/EC (OJ L 94, 28.3.2014, p. 65). 48 Directive 2014/25/EU of the European Parliament and of the Council of 26 February 2014 on procurement by entities operating in the water, energy, transport and postal services sectors and repealing Directive 2004/17/EC (OJ L 94, 28.3.2014, p. 243). 49 Communication from the Commission: Guidance on the participation of third country bidders and goods in the EU procurement market, Brussels, 24.7.2019, C(2019) 5494 final.
Amendment 51 #
2023/0081(COD)
Proposal for a regulation
Recital 39
Recital 39
(39) As indicated in the Communication on the Green Deal Industrial Plan for the Net-Zero Age, published on 1 February 2023, the Union’s industry’s market shares are under strong pressure, due to subsidies in third countries which roll out support schemes aiming at anchoring and attracting clean tech industry. Such an approach undermines a level playing field and presents a competitive challenge for the EU to maintain and develop its own industry. This translates in a need for a rapid and ambitious reaction from the Union in modernising its legal framework.
Amendment 60 #
2023/0081(COD)
Proposal for a regulation
Recital 41
Recital 41
(41) Where private investment alone is not sufficient, the effective roll-out of net- zero manufacturing projects may require public support in the form of State aid. Such aid must have an incentive effect and be necesstemporary, appropriate and proportionate. The main objective of this public support should be to boost and leverage private investment and not replace it, especially considering the temporary nature of the aid. The existing State aid guidelines that have recently undergone an in-depth revision in line with the twin transition objectives provide ample possibilities to support investments for projects in the scope of this Regulation subject to certain conditions. Member States can have an important role in easing access to finance for net-zero technologies manufacturing projects by addressing market failures through targeted State aid support, provided that EU Single Market fragmentation is avoided. The Temporary Crisis and Transition Framework (TCTF) adopted on 9 March 2023 aims at ensuring a level playing field within the internal market, targeted to those sectors where a third- country delocalisation risk has been identified, and proportionate in terms of aid amounts. It would enable Member States to put in place measures to support new investments in production facilities in defined, strategic net-zero sectors, including via tax benefits. The permitted aid amount can be modulated with higher aid intensities and aid amount ceilings if the investment is located in assisted areas, in order to contribute to the goal of convergence between Member States and regions. Appropriate conditions are required to verify the concrete risks of diversion of the investment outside the European Economic Area (EEA) and that there is no risk of relocation within the EEA. To mobilise national resources for that purpose, Member States may use a share of the ETS revenues that Member States have to allocate for climate-related purposes.
Amendment 62 #
2023/0081(COD)
Proposal for a regulation
Recital 41 a (new)
Recital 41 a (new)
(41 a) The success of the Inflation Reduction Act adopted in the United States lies in the simplicity for companies to apply for subsidies, and in the decision to use tax incentives. Tax benefits have proven to be one of the most efficient and effective measures to boost new investments in defined, strategic net-zero sectors.
Amendment 63 #
2023/0081(COD)
Proposal for a regulation
Recital 41 a (new)
Recital 41 a (new)
(41 a) In order to ensure consistency between different existing tools to boost investments in net-zero technologies, the European Commission should ensure that strategic net-zero technologies as defined in the NZIA and which are not covered by the TCTF, must not be subject to risk of redeployment outside of the EU.
Amendment 64 #
2023/0081(COD)
Proposal for a regulation
Recital 42
Recital 42
(42) Several Union funding programmes, such as the Recovery and Resilience Facility, InvestEU, cohesion policy programmes or the Innovation Fund are also available to fund investments in net-zero technology manufacturing projects. The current EU budget has however insufficient possibilities for supporting the objectives of the Net-Zero Industry Act and for ensuring a level- playing field between Member States. The revision of the 2021-2027 multinannual financial framework (MFF) should therefore provide for a European budget fit for purpose. In this regard, a European Sovereignty Fund should also provide fresh additional financial means partly dedicated to net-zero manufacturing projects contributing to the reduction of strategic dependencies in the EU.
Amendment 69 #
2023/0081(COD)
Proposal for a regulation
Recital 47
Recital 47
(47) A European Sovereignty Fund would provide a comprehensive and structural answer to the investment needs. It will help preserving a European edge on critical and emerging technologies relevant to the green and digital transitions, including net-zero technologies for reducing strategic dependencies and ensure the open strategic autonomy of the Union. While not limited to the green and digital transitions, it will notably help preserving a European edge on critical and emerging technologies, including net-zero technologies, by meeting the applicable public funding requirements associated with this Regulation. This structural instrument will build on the experience of coordinated multi-country projects under the IPCEIs and seek to enhance all Member States’ access to such projects, thereby safeguarding cohesion and the Single Market against risks caused by unequal availability of State Aids.
Amendment 70 #
2023/0081(COD)
Proposal for a regulation
Recital 47
Recital 47
(47) A European Sovereignty Fund would provide a structural answer to the investment needs. The European Sovereignty Fund should not be financed through redeployments of funds from existing programs under the current Multiannual Financial Framework for the years 2021-2027, but with fresh money. It will help preserving a European edge on critical and emerging technologies relevant to the green and digital transitions, including net-zero technologies. This structural instrument will build on experience of coordinated multi-country projects under the IPCEIs and seek to enhance all Member States’ access to such projects, thereby safeguarding cohesion and the Single Market against risks caused by unequal availability of State Aids.
Amendment 72 #
2023/0081(COD)
Proposal for a regulation
Recital 48
Recital 48
(48) To overcome the limitations of the current fragmented public and private investments efforts, facilitate integration and return on investment, the Commission, and Member States should better coordinate and create synergies between the existing funding programmes at Union and national level as well as ensure better coordination and collaboration with industry and key private sector stakeholders. The Net-Zero Europe Platform has a key role to play to build a comprehensive view of available and relevant funding opportunities and to discuss the individual financing needs of net-zero strategic projects.
Amendment 109 #
2023/0081(COD)
Proposal for a regulation
Article 14 – paragraph 2 – introductory part
Article 14 – paragraph 2 – introductory part
2. The Commission and the Member States may provide administrative and operational support to net-zero strategic projects to facilitate their rapid and effective implementation, including by providing:
Amendment 113 #
2023/0081(COD)
Proposal for a regulation
Article 14 – paragraph 2 – point b a (new)
Article 14 – paragraph 2 – point b a (new)
(b a) Assistance to complete all the relevant steps of an application process to receive financial support, either national of from EU funds.
Amendment 124 #
2023/0081(COD)
Proposal for a regulation
Article 15 – paragraph 2 – introductory part
Article 15 – paragraph 2 – introductory part
2. The Net-Zero Europe Platform shall, at the request of the net-zero strategic project promoter, discuss and advise on how the financing ofas well as provide and coordinate support for its project canto be completed, in particular to ensure it meets the criteria defined in Article 19(2), taking into account the funding already secured and considering at least the following elements:
Amendment 127 #
2023/0081(COD)
Proposal for a regulation
Article 15 – paragraph 2 – point d
Article 15 – paragraph 2 – point d
(d) relevant Union funding and financing programmes, including a European Sovereignty Fund.
Amendment 128 #
2023/0081(COD)
Proposal for a regulation
Article 15 – paragraph 2 a (new)
Article 15 – paragraph 2 a (new)
2 a. The Net-Zero Europe Platform shall, at the request of the net-zero strategic promoter, help the promoter identify further sources of financing, either at national or Union level, and provide administrative support to the promoter during the application process to be eligible for such financing.
Amendment 139 #
2023/0081(COD)
Proposal for a regulation
Article 19 – paragraph 1
Article 19 – paragraph 1
1. Contracting authorities or contracting entities shall base the award of contracts for net-zero technology listed in the Annex in a public procurement procedure on the most economically advantageous tender, which shall include the best price-quality ratio, comprising at least the sustainability and resilience contribution of the tender, in compliance with Regulation 2022/1031/EU, Directives 2014/23/EU, 2014/24/EU, or 2014/25/EU and applicable sectoral legislation, as well as with the Union’s international commitments, including the GPA and other international agreements by which the Union is bound.
Amendment 141 #
2023/0081(COD)
Proposal for a regulation
Article 19 – paragraph 2 – point d
Article 19 – paragraph 2 – point d
(d) the tender’s contribution to resilience, taking into account the proportion of the products originating from a single source of supply, as determined in accordance with Regulation (EU) No 952/2013 of the European Parliament and of the Council72 , from which more than 650% of the supply for that specific net-zero technology within the Union originates in the last year for which data is available for when the tender takes place. __________________ 72 Regulation (EU) No 952/2013 of the European Parliament and of the Council of 9 October 2013 laying down the Union Customs Code (OJ L 269, 10.10.2013, p. 1).
Amendment 149 #
2023/0081(COD)
Proposal for a regulation
Article 19 – paragraph 4 b (new)
Article 19 – paragraph 4 b (new)
4 b. Award of a supply contract in all the sectors of the net-zero technologies as listed in Articles 3 point 1 (a) and of the strategic net-zero technologies as listed in Annex 1, shall be rejected if the economic operator originates from a country whose economic operators, goods and services are the subject to an IPI measure as defined in the Regulation 2022/1031/EU of the European Parliament and of the Council, especially the Articles 6 and 8.
Amendment 161 #
2023/0081(COD)
Proposal for a regulation
Article 21 – paragraph 1
Article 21 – paragraph 1
1. Without prejudice to Articles 107 and 108 of the Treaty and Article 4 of Directive 2018/200173 and in line with the Union’s international commitments, when deciding to set up schemes benefitting households, companies or consumers which incentivise the purchase of net-zero technology final products listed in the Annex, Member States, regional or local authorities, bodies governed by public law or associations formed by one or more such authorities or one or more such bodies governed by public law, shall design them in such a way as to promote the purchase by beneficiaries of net-zero technology final products with a high sustainability and resilience contribution as referred in Article 19(2), by providing additional proportionate financial compensation. __________________ 73 Directive 2018/2001 of the European Parliament and of the Council of 11 December 2018 on the promotion of the use of energy from renewable sources
Amendment 163 #
2023/0081(COD)
Proposal for a regulation
Article 21 – paragraph 1 a (new)
Article 21 – paragraph 1 a (new)
1 a. Member States shall give preference to tax breaks and other systems of tax incentives when designing the schemes and financial compensations referred to in paragraph 1. The application to benefit from such schemes and compensations shall be simple, comprehensible and shall not impose a disproportionate administrative burden on the potential recipients.
Amendment 1 #
2022/2150(INI)
Motion for a resolution
Citation 3 a (new)
Citation 3 a (new)
— having regard to Protocol No 12 to the TEU and TFEU on the excessive deficit procedure,
Amendment 6 #
2022/2150(INI)
Motion for a resolution
Citation 32 a (new)
Citation 32 a (new)
— having regard to the paper of the International Monetary Fund of September 2022 entitled ‘Reforming the EU Fiscal Framework: Strengthening the Fiscal Rules and Institutions’,
Amendment 14 #
2022/2150(INI)
B. whereas the EU labour market has proved particularly resilient, with an additional two million people in employment, leading to a record low unemployment rate of 6.2 % in 2022 in the EU as a whole; whereas unemployment remains high in some Member States; whereas youth unemployment is still a matter of great concern, with 28,72 million people under 25 years of age seeking employment in October 2022, an increase of 102.000 from October 2021; whereas according to the Commission’s autumn economic forecast the public sector was a key contributor to the increase in employment; whereas despite labour market tightness wage growth has remained moderate; whereas the unemployment rate is expected to increase slightly in 2023 (6.5 %), before marginally coming down again in 2024 (6.2 %);
Amendment 31 #
2022/2150(INI)
Motion for a resolution
Recital D a (new)
Recital D a (new)
D a. whereas according to the Commission’s autumn forecast, government deficit is expected to increase up to 3.6 % of GDP in 2023 (3.7 % in the euro area) and to decrease to 3.2 % of GDP (3.3 % in the euro area) by 2024;
Amendment 62 #
2022/2150(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Stresses that while the primary objective of the European Central Bank (ECB) is to maintain price stability, the primary objective of the Union as a wholeUnion should beaim to minimise the impact of current turbulences on the real economy, thereby defending the wellbeing of its citizens and preserving its production structure and the international competitiveness of its companies; underlines, in this regard, the importance of adequate and coordinated fiscal, structural and regulatory policies that complement the ECB’s monetary policy actions, which are also capable of supporting household incomes and providing targeted support to companies and SMEs suffering from supply bottlenecks and high energy costs;
Amendment 88 #
2022/2150(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Recalls that the European Semester is a well-the established framework for coordinating the budgetary, economic, social and employment policies across the European Union;
Amendment 92 #
2022/2150(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recalls the close link between the European Semester and the implementation of the RRF, whereby the national recovery and resilience plans (NRRPs) are expected to contribute effectively to addressing all or a significant subset of the challenges identified in the relevant country-specific recommendations addressed to each Member State in the context of the European Semester; calls in that regard for an efficient monitoring of the implementation of the country-specific recommendations and the relevant reforms;
Amendment 111 #
2022/2150(INI)
Motion for a resolution
Paragraph 7 – introductory part
Paragraph 7 – introductory part
7. Underlines the twohree key features of the RRF which are intrinsically linked to its successful implementation:
Amendment 119 #
2022/2150(INI)
Motion for a resolution
Paragraph 7 – point b a (new)
Paragraph 7 – point b a (new)
(b a) fixed binding milestones and targets including structural reforms and investments for each Member State;
Amendment 125 #
2022/2150(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Welcomes the greater involvement of the European Parliament in the monitoring and scrutiny of the RRF implementation; calls therefore for a closer involvement of the European Parliament in the European Semester;
Amendment 161 #
2022/2150(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Notes the aim to stimulate investment and reforms by allowing Member States to have different debt reduction paths, provided that these enhance growth, improve debt sustainability and are in line with the EU’s objectives, in particular those of the green and digital transition and social resilience; recalls that enhanced flexibility for Member States goes hand in hand with more responsibility, in particular with regards to the effective and timely implementation of the agreed upon investments and reforms;
Amendment 165 #
2022/2150(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Notes the aim to stimulate investment and reforms by allowproviding Member States to have differentwith adjusted debt reduction paths, provided that these enhance growth, and further flexibility in order to enhance growth and avoid procyclicality, as these changes will improve debt sustainability and are in line with the EU’s objectives, in particular those of the green and digital transition and, social resilience, and strategic autonomy;
Amendment 184 #
2022/2150(INI)
Motion for a resolution
Paragraph 11 b (new)
Paragraph 11 b (new)
11 b. Welcomes the proposal made by the European Commission for simplifying the Debt Sustainability Assessment (DSA) by removing superfluous indicators and ensuring it is based on clear, common and objective criteria; calls for the adoption of a multi-year benchmark and for the use of the nationally financed net primary expenditure as the single operational indicator;
Amendment 191 #
2022/2150(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that while monetary policy is conceived and designed as a single instrument, the overall fiscal policy is the result of aggregating 19 individual national fiscal policies; underlines that, apart from the recommendation on the economic policy of the euro area, coordination of actions has thus far been limited and the situation and challenges of the euro area have not been easy to factor in; highlights that it is still largely random if the aggregation of national fiscal policies results in a euro area fiscal stance which is appropriate and consistent with monetary policy; regrets that the Commission’s communication does not encompass rules or instruments that allow for the management of the euro area fiscal stance; believes that better crisis preparedness comes with a stronger budgetary framework;
Amendment 199 #
2022/2150(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Welcomes that lessons have been learned from the RRF process by promoting more national ownership of ways of putting Member States in charge of designing their own national plans combining fiscal, reform and investment commitments within a common EU framework; greatly regrets that, unlike the RRF, the European Parliament is excluded from defining the overarching goin the design of Member States' national plans, and by focusing on implementing the Union’s environmentals, guidance, criteria for the debt reduction path, investments, reforms and the underlydigital and social objectives withing assumptions on which the comprehensive debt sustainability analysis is based common EU framework; regrets that neither the involvement of national parliaments nor that of, regional and local authorities, as well as national stakeholders and civil society is not mentioned under project design, implementation or subsequent scrutiny, which sets back ownership and democratic accountability;
Amendment 205 #
2022/2150(INI)
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13 a. Recalls the importance for the economic governance framework to be subject to democratic accountability; welcomes in that regard the Economic Dialogue as an important step to providing the European Parliament with tools to ensure democratic oversight and accountability; calls for further strengthening the role of the European Parliament in the economic governance framework;
Amendment 206 #
2022/2150(INI)
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13 b. Welcomes the decision to enhance the effectiveness and the enforcement of the Macroeconomic Imbalances Procedure (MIP) as part of a larger review of the fiscal rules; calls for making the Alert Mechanism Report (AMR) and the in depth reviews (IDRs) more forward-looking and for increasing the links of the procedure with the fiscal framework;
Amendment 39 #
2022/2149(INI)
Motion for a resolution
Recital F
Recital F
F. whereas parents play a key role inassociations represent the interest of the parents and play a key role in managing transport and canteens and delivering extracurricular activities and providing transport and other services;
Amendment 48 #
2022/2149(INI)
Motion for a resolution
Recital H a (new)
Recital H a (new)
H a. whereas progress has been made to strengthen the inclusion of students with disabilities and special needs and improve the ratio of students to support teachers, the resources provided to ensure effective inclusion differs markedly between schools and sites;
Amendment 92 #
2022/2149(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Requests that theUrges Member States to meet their obligations vis-à-vis the ESS in full, particularly with regard to the secondment of qualified teachers and the provision of adequate infrastructures (suitable premises, maintenance thereof and upgrades thereto), guaranteeing the standard of education and organisational aspects, as well as the safety, security and well-being of students and staff alike, and calls for a binding system of direct financial contributions to ensure greater flexibility for both the ESS and the Member States;
Amendment 104 #
2022/2149(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Calls on Member States to meet their obligations with regard to the secondment of qualified teachers, and calls on the BoG to resolve ongoing teacher shortages and ensure a stable and fair employment situation for all by retaining staff and reducing turnover, thereby avoiding a brain drain; calls, in this regard, for a strengthened employment package for seconded and locally recruited staff alike, with competitive remuneration, more equal salaries for nursery, primary and secondary teachers, clarity about employment status and stability, continuous professional development (CPD) and further career prospects in and beyond the ESS;
Amendment 139 #
2022/2149(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Requests the BoG and the OSG to boost inclusion and improve educational opportunities for all students, with a focus on class size and better catering for students with particular educational needs, including by considerably increasing the number of educational and psychological support staff in place and the provision of orientation and mentorship services; highlights that the surge in the number of students who need so-called Intensive Support A assistance should be matched with appropriate resources;
Amendment 146 #
2022/2149(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17 a. underlines that the training, adequate remuneration and length of employment contracts are key instruments to ensure that support teachers and assistants provide quality, tailored and continued support to students with particular needs;
Amendment 148 #
2022/2149(INI)
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17 b. Notes that whilst the BoG Policy on the Provision of Educational Support and Inclusive Education has been defined centrally, its implementation remains unevenly implemented and depends on individual Schools; is concerned at cases of drop-outs of students with special needs who have not received adequate support or have been encouraged to leave the ESS;
Amendment 26 #
2022/2146(INI)
Motion for a resolution
Recital A
Recital A
A. whereas Member States are free to decide on their own economic policies, in particular their own tax policies within the boundaries of the EU Treaties; whereas a well-functioning tax system is in the interest of Member States in order to ensure proper tax collection; whereas, although tax policy largely remains a responsibility of the Member States, the single market requires coordination in setting tax policy in order to further single market integration;
Amendment 51 #
2022/2146(INI)
Motion for a resolution
Recital C
Recital C
C. whereas the BEPS action plan managed to establish a global consensus on many issues regarding the fight against tax avoidance and aggressive tax planning;
Amendment 56 #
2022/2146(INI)
Motion for a resolution
Recital D
Recital D
D. whereas the EU led by example in transposing international agreements into a high number of tax directives improving coordination and the EU’s fight against tax fraud, tax avoidance and aggressive tax planning;
Amendment 62 #
2022/2146(INI)
Motion for a resolution
Recital E
Recital E
E. whereas as of 16 December 2022, 138 statejurisdictions, including all EU Member States, had agreed on the reform of the international tax system through a two- pillar solution;
Amendment 69 #
2022/2146(INI)
Motion for a resolution
Recital F
Recital F
F. whereas tax policy fragmentation creates various obstacles for citizens and companies in the single market, particularly small and medium-sized enterprises (SMEs); whereas these obstacles discourage cross-border economic activity and can distort the single market; whereas Member States continue to lose tax revenue due to harmful tax practices enabled by loopholes between Member States’ legislation, or between Member States and third countries, and estimates of revenue lost as a result of harmful tax practices range from EUR 36-37 billion to EUR 160-190 billion per year; whereas policy fragmentations might increase the cost of enforcement for tax authorities;
Amendment 102 #
2022/2146(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Recalls that EU Member States cooperating on corporate taxation is not a goal in itself, but rather a tool to complete, improve and further develop the single marketalthough tax policy largely remains a Member State responsibility, the single market requires tax cooperation and harmonization in setting tax policy ;
Amendment 158 #
2022/2146(INI)
Motion for a resolution
Paragraph 7
Paragraph 7
7. Calls on the Commission to present an overall evaluation of actions taken on corporate taxation since 2011 and to immediately ease the burden on businesses by invoking a regulatory moratorium and delaying those tax acts that would unnecessarily increase costs for businesses already under strain; calls on the Commission to carry out competitiveness checks for new legislative tax proposals, as requested by the European Council for all new proposals on 22 March 2023;
Amendment 182 #
2022/2146(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Calls on the Member States to engage in policies of full expensing for capital investments, in particular for R&D investment, and to make capital allowance provisions permanent in order to improve real investments and to assist Europe’s competitiveness;
Amendment 195 #
2022/2146(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Takes note ofWelcomes the two-pillar solution reached at the OECD/G20 Inclusive Framework on the allocation of taxing rights and the application of a minimum effective tax rate of 15 % on the global profits of MNEs; welcomes the adoption of the Pillar Two Directive implementing the international agreement in the EU law;
Amendment 206 #
2022/2146(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Observes that, in addition to coping with a volatile business environment and an increasing number of EU tax directives, companies are focusing their financial and human resources on applying the Pillar Two rules; calls on the Commission to give companies bavoid creathing space and enough time to prepare for the possible new BEFIT rulesa disproportionate burden on companies when proposing further measures in the field of corporate taxation;
Amendment 221 #
2022/2146(INI)
Motion for a resolution
Subheading 3
Subheading 3
Towards a more harmonized and simplified corporate tax regime
Amendment 228 #
2022/2146(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Highlights that the fragmentation of national tax policies can have a distortive effect on the EU single market and be harmful for the EU economy, particularly for SMEs, as they have to cope with up to 27 different tax systems ; Calls on the Commission to guide all the Member States towards a simplified and more harmonized tax system to reduce the administrative burden for companies, especially SMEs; acknowledges that simplifying refund procedures, deductions and litigation are other solutions to reduce the administrative burden, especially for SMEs;
Amendment 231 #
2022/2146(INI)
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Welcomes that the EU has developed peer review procedures within the Code of Conduct Group for business taxation; underlines that in this framework Member States re-examine, amend or abolish their existing tax measures that constitute harmful tax competition, as well as refrain from introducing new ones in the future; welcomes in this regard the 2022 Council agreement to broaden the scope of the tax measures under scrutiny when examining harmful tax practices within the EU;
Amendment 241 #
2022/2146(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Welcomes the Commission’s plan to work on a BEFIT proposal, expected in the third quarter of 2023, with a view to designing a new and single EU corporate tax rulebook, based on a fair, comprehensive and effective formulary apportionment and a common tax base of income taxation for businesses, which wil. In this context, calls on the Commission to ensure that the new proposal provides clarity and predictability for companies;
Amendment 242 #
2022/2146(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Welcomes the Commission’s plan to work on a BEFIT proposal, expected in the third quarter of 2023, with a view to designing a new and single EU corporate tax rulebook, based on a fair, comprehensive and effective formulary apportionment and a common tax base of income taxation for businesses, which will provide clarity and predictability for companies; further welcomes the fact that the Commission considers the potential introduction of a new own resource based on BEFIT framework once adopted, in accordance with the Interinstitutional Agreement of 16 December 2020 between the European Parliament, the Council of the European Union and the European Commission on budgetary discipline, on cooperation in budgetary matters and on sound financial management, as well as on new own resources, including a roadmap towards the introduction of new own resources (IIA)1a; _________________ 1a OJ L 433 I, 22.12.2020, p. 28.
Amendment 245 #
2022/2146(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Underlines the Commission’s Communication on Business taxation for the 21st century stating that “the lack of a common corporate tax system in the Single Market acts as a drag on competitiveness (...) and that it creates a competitive disadvantage compared to third country markets”; Welcomes the Commission’s plan to work on a BEFIT proposal, expected in the third quarter of 2023, with a view to designing a new and single EU corporate tax rulebook, based on a fair, comprehensive and effective formulary apportionment and a common tax base of income taxation for businesses, which will provide clarity and predictability for companies;
Amendment 253 #
2022/2146(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Takes note ofWelcomes the BEFIT objectives, as addressed in the Commission’s call for evidence for an impact assessment, to increase businesses’ resilience by reducing the complexity of tax rules and the compliance costs faced by EU businesses with cross-border operations, to remove obstacles to cross- border investment and make the single market a more attractive location for international investment, to create an environment conducive to fair and sustainable growth by paving the way for administrative simplification, and to provide sustainable tax revenue, which is particularly important in the current challenging economic climate;
Amendment 255 #
2022/2146(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Takes note of the BEFIT objectives, as addressed in the Commission’s call for evidence for an impact assessment, to increase businesses’ resilience by reducing the complexity of tax rules and the compliance costs faced by EU businesses with cross-border operations, to remove obstacles to cross- border investment and make the single market a more attractive location for international investment, to create an environment conducive to fair and sustainable growth by paving the way for administrative simplification, and to provide sustainable tax revenue, which is particularly important in the current challenging economic climate; emphasises that the implementation of a single tax rulebook would help reduce the scope for harmful tax competition between Member States while decreasing compliance costs, in particular for cross-border economic operations;
Amendment 266 #
2022/2146(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Highlights the idea ofCalls for a one-stop- shop allowing for the filing of one consolidated tax return as a way of reducing administrative burden and minimising tax obstacles to the Single Market; calls on the Commission to introduce a one-stop-shop for the application of the BEFIT rules in a test phase and to incorporate it as a permanent feature of BEFIT if the test phase is successful;
Amendment 273 #
2022/2146(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Takes note ofWelcomes the Commission proposal of 11 May 2022 addressing the debt-equity bias as a means to promoting financing through capital markets; deplores the Council decision of 6 December 2022 to suspend the examination of the proposal; calls on the Council to relaunch negotiations on this proposal;
Amendment 219 #
2022/2081(DEC)
Motion for a resolution
Paragraph 125
Paragraph 125
125. Is worried byNotes the Court’s serious finding that for the payment made to Spain in 2021, one milestone was not satisfactorily fulfilled; regrets to note that the Court was not able to quantify this error because of the absence of a methodology to quantify the impact of (partially) not achieving a milestone or target; notWelcomes the Commission’s Internal Auditor also observed the absence of this methodology; considers it grave negligence of the Commission to not have this methodology in place before making payestablishment of a methodology for the partial suspension of payments in case of non-fulfillment of some milestones or targets as established in the Annex II of the Communication from the Commission on the “Recovery and Resilience Facility: Two years on A unique instruments, ast this calls into question the Commission’s sincerity of assessing the satisfactorye heart of the EU’s green and digital transformation”; Calls on the Commission to remain vigilant and rigorous in his assessments of the fulfilment of all milestones and targets;
Amendment 226 #
2022/2081(DEC)
Motion for a resolution
Paragraph 126
Paragraph 126
126. Notes that the Commission’s Internal Audit Service did not perform any audit engagement as regards the NGEU programme in 2021; notes that the Internal Auditor draws attention to the need to continue work on control design and implementation of appropriate financial management, and audit and control strategies; considers the Internal Auditor to be an essential element of internal checks and balances within the Commission and that independent and objective information derived from its own audit activities is indispensable for the Internal Auditor to function effectively; underlines that the work by the Court as external auditor cannot substitute the work of the Internal Audit Service; Notes the conclusions by the CONT Mission to Spain on the 20- 23rd of February 2023, whereby the difficulties with the full implementation of the management and control platform for the Spanish RRF funds, CoFFEE, were acknowledged, especially in relation to the lack of interoperability with regional and EU platforms; notes that there are indices that the European Commission evaluated positively the Spanish Recovery Plan milestone related to the full functionality of the COFFEE platform at a time where, according to several stakeholders, this was not yet the case; regrets the lack of transparency as regards final beneficiaries of the NGEU funds and execution rates in terms of payments, which could be provided to the public in an aggregated and comprehensible manner; calls on the Commission to thoroughly evaluate the fullfilment of milestones in targets, and in particular reforms;
Amendment 82 #
2022/2061(INI)
Motion for a resolution
Recital J a (new)
Recital J a (new)
J a. whereas crisis management remains fragmented across the EU and the BU, resulting in an unlevel playing field between banks and jurisdictions;
Amendment 162 #
2022/2061(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Encourages banks to take advantage of the opportunities offered by the European market for banking services; stresses the need to remove unnecessary obstacles to cross-border activities within the European Union;
Amendment 192 #
2022/2061(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. Notes that banks’ exposures to domestic sovereign debt remain high; recalls that one of the main objectives of the BU is to break the link between bank, in conjunction with unprecedented public financing needs since the Covid crisis; recalls that one of the main objectives of the BU is to break the bank-sovereign doom loop, through which bank failures translate to public debt and sovereign risks;
Amendment 239 #
2022/2061(INI)
16. Notes that crypto-assets create new challenges for banks; welcomes the forthcoming adoption of the regulation on markets in Crypto-assets in this regard; welcomes the recently published Basel prudential standard for banks' exposures to crypto assets, calls for the rapid implementation at EU level of this standard;
Amendment 258 #
2022/2061(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Points out the need to address the loopholes identified in the resolutioncrisis management framework; asks that the public interest assessment be further specified and harmonised, in a way that allows significantly broadening the scope of resolution, in order to foster better crisis preparedness of EU banks as well as less fragmented procedures to handle bank crises; calls for greater harmonisation of the treatment of small and medium-size banks, especially as regards external support by deposit guarantee schemes (DGS); stresses that the resolution framework and State aid rules should be consistent and allow for sufficient market discipline in order to protect taxpayers and erase implicit guarantees;
Amendment 266 #
2022/2061(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. Calls on the Commission to put forward an ambitious and comprehensive review of the crisis management and deposit insurance framework; recalls that protecting taxpayer money is one of the main objectives of the resolutioncrisis management framework;
Amendment 275 #
2022/2061(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Takes note ofWelcomes the appointment of a new SRB Chair and of a new Board member; points out the lack of gender balance within the Board and across the SRB’s management positions; urges the SRB to address this issue and ensure a more balanced representation of genders in its management positions;
Amendment 276 #
2022/2061(INI)
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22 a. Encourages the SRB to move towards a further operationalisation of transfer strategies in resolution, building on existing best practices, for instance in the US or in Member States outside the BU;
Amendment 294 #
2022/2061(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. Acknowledges the progress made regarding the reduction of risks in the banking sector; calls for a risk sharing mechanism through an EDIS, provided that an asset quality review be conducted beforehand and in parallel with further progress on integration both in terms of LSIs supervision and of capital and liquidity waivers, while continuing the risk reduction trend;
Amendment 15 #
2022/2060(INI)
Motion for a resolution
Recital B
Recital B
B. whereas competition policy should aim to support the European Green Deal, Digital Compass goals and the resilience of the EU internal market ;
Amendment 82 #
2022/2060(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Takes note of the Commission’s preparatory work on a Temporary Crisis and Transition Framework as part of the Green Deal Industrial Plan for the Net- Zero Age; calls on the Commission to introduce strict cross-border criteria for the approval of State aid under this framework; believes that the ceiling and intensity of aid approved for a given project should be proportional to the amount of companies from different Member States involved in the value chain; considers that national subsidies should have EU added value and promote industrial cooperation between companies from different Member States;
Amendment 101 #
2022/2060(INI)
Motion for a resolution
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Reiterates that the EU’s response to the Inflation Reduction Act cannot solely be built on State aid, and should instead be focused on creating a predictable and simplified regulatory framework as well as a business-friendly environment, in particular by reducing the administrative burden for companies; believes that competition policy plays a crucial role in creating such an environment and in maintaining a level playing field within the internal market, which is a driver for competitiveness and innovation;
Amendment 147 #
2022/2060(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Calls for the quantitative jurisdictional thresholds in the EC Merger Regulation to be reviewed and lowered; calls for the introduction of a rebuttable presumption that effective competition is significantly impeded by any concentration leading to a dominant position in a relevant market or any concentration involving a very large market operator or a gatekeeper; calls for matters of public interest, such as climate protection, sustainability and the rule of law, to be taken into account when examiningEU objectives, such as climate protection, sustainability, open strategic autonomy, industrial competitiveness, to be taken into account when examining the impact of a concentration on the internal market; calls on the Commission to revise merger guidelines to adopt a more comprehensive assessment of efficiencies in merger control and cooperation; notes that the assessment of horizontal cooperation should also recognise the impactortance of a concentllaboration oin the markets dominaternal market; calls for the inclusion of review clauses in decisions approving a concentration with a view to introducing more stringent conditiond by digital gatekeepers; recognises the need to foster cooperation among players in traditional as well as digital markets, by giving the right relevance to the positive effects, like efficiencies and benefits in the relevant antitrust analysis;
Amendment 159 #
2022/2060(INI)
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Calls on the Commission to review its merger guidelines when it comes to assessing personal data; calls on the Commission to fully consider personal data assets as all other traditional physical assets when it decides on digital mergers and acquisitions; urges the European Commission to take a broader view when evaluating digital mergers and assess the damaging effects of data concentration;
Amendment 164 #
2022/2060(INI)
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Welcomes the revision of the notice on the definition of the relevant market, underlines the importance to adopt a more dynamic approach and take into account a longer-term vision encompassing the global dimension and potential future competition in its competitive assessments, calls on the Commission to take into account the sustainability objectives and make the innovation criteria as a core element of the relevant market analysis;
Amendment 168 #
2022/2060(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Urges the Commission to take decisive action, under Article 22 of the EC Merger Regulation, against ‘killer acquisitions’ that must be reported to the Commission under the Digital Markets Act (‘DMA’); welcomes the new guidance from the European Commission on the use of Article 22 of the EC Merger Regulation by Member States to review a transaction; underlines the importance of the confirmation of this new application by the European Court of Justice to address effectively "killer acquisitions";
Amendment 170 #
2022/2060(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
Amendment 181 #
2022/2060(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Welcomes the evaluation of Regulation (EC) No 1/2003 and Regulation (EC) No 773/2004 initiated by the Commission; considers a legislative review of these regulations necessary; calls the Commission to speed up antitrust procedures and introduce time limit for antitrust proceedings to ensure the effectiveness of EU antitrust rules and the well-functioning of the internal market; calls for stronger use of structural remedies, and therefore for the primacy of behavioural remedies to be removed from Regulation (EC) No 1/2003;
Amendment 187 #
2022/2060(INI)
Motion for a resolution
Paragraph 13
Paragraph 13
13. Calls for the introduction of an explicit legal base for the unbundling of undertakings as a structural remedy for antitrust violations; considers unbundling to also beunbundling of undertakings as a structural remedy in situations where abuse of a dominant position on a relevant market cannot be ascertained, but conditions for competition would improve significantly if unbundling measures were applied;
Amendment 191 #
2022/2060(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Underlines the importance of adopting interim measures in the enforcement of competition law to stop any practice which would seriously harm competition, particularly in relation to dynamic and fast- developing markets such as digital markets; therefore supports the Commission in enhancing the use of interim measures under the existing Regulation (EC) No 1/2003; calls for legislative action to lower the burden associated with the use of interim measures for the Commission and for national competition authorities;
Amendment 203 #
2022/2060(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Welcomes the creation of a new Commission directorate for the enforcement of the DMA; deplores the Member States’ unwillingness to make available additional financial resources to enable more behavioural economists, algorithms specialists, data-science and technology staff to be hired for the Commission; underlines the need to ensure a swift cooperation with national competent authorities and build on their growing expertise to support the enforcement of the DMA; stresses that the Commission should prioritise resources to enforce provisions of the DMA that can support previous antitrust rulings in cases where the remedies have not been successful;
Amendment 206 #
2022/2060(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Highlights that the global market for app stores is dominated by two providers, each of which effectively operates as the sole gatekeeper for their customers; notes that app stores can use their position as gatekeepers to impose unfair and anticompetitive conditions on their business users; calls on the Commission to ensure swift and effective enforcement against anti-competitive practices of gatekeeping app stores, in the context of open antitrust cases and of the application of the DMA;
Amendment 209 #
2022/2060(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses that competition law remains relevant to digital markets despite the entry into force of the DMA; considers that violations of privacy rights can constitute abusive practices; recalls that some undertakings likely to be designated as gatekeepers have been subject to previous antitrust rulings, which have not led to effective behavioural changes; recalls that the enforcement of the Google shopping decision has still not led to a change self-preferencing behaviour and shall not serve as a precedent for the DMA;
Amendment 218 #
2022/2060(INI)
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls on the Commission to build on existing initiatives to increase collaboration between antitrust and data privacy regulators to both control corporate data misuse and prevent companies from using consumer data to gain an unfair competitive advantage;
Amendment 226 #
2022/2060(INI)
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Calls on the Commission to ensure a policy framework where all large traffic originators driving traffic growth fairly contribute to the economic sustainability of such networks and the achievement of the 2030 Digital Compass connectivity targets; urges the Commission to address and mitigate persistent asymmetries in bargaining power by developing a legal framework ensuring that “all market actors make a fair and proportionate contribution to the costs of public goods, services and infrastructure” as set out by the European Declaration on Digital Rights and Principles for the Digital Decade;
Amendment 231 #
2022/2060(INI)
Motion for a resolution
Paragraph 19
Paragraph 19
19. Welcomes the presentation by the Commission of draft guidelines for sustainability agreements; underlines the need for a broad understanding of consumer welfare, which should include not only price levels, but also sustainability considerations; considers that similar authorisations should be extended to agreements that improve animal welfare, prevent deforestation, or provide for living wages;
Amendment 238 #
2022/2060(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Is of the opinion that sustainability is not only pursued by derogations from competition law provisions, but can also by the application of competition law provisions in ordercontribute to promote sustainability; calls for the presentation of draft guidelines on abusive practices, in particular with regard to achieving sustainability goals;
Amendment 265 #
2022/2060(INI)
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Underlines the importance of the Important Projects of common European Interest (IPCEI) to finance large transnational projects and achieve EU strategic priorities but deplores the processing time required to set them up, calls on the Commission to reform and streamline the notification system so that any notification is completed within six months at the latest;
Amendment 276 #
2022/2060(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Stresses that Parliament should be adequately involvedplay an active role in shaping competition policy; considers that more frequent use should be made of Parliament’s right to intervene in judicial proceedings concerning competition lawnotes that Parliament should be more involved in the activity of working parties and expert groups, such as the International Competition Network (ICN) and the Organisation for Economic Cooperation and Development (OECD) as an observer to get a better knowledge of the matter and keep it updated on the developments in order to be more prepared for its role as co-legislator; calls on the Commission to enter into negotiations for an interinstitutional agreement on competition policy;
Amendment 4 #
2022/2051(INL)
Draft opinion
Paragraph 1
Paragraph 1
1. Insists on more democratic legitimacy, accountability and scrutiny of the Union economic policies of the Union and its Member States; stresses for the framework, institutions and tools for EU economic governance to be under the Community method; calls for any Treaty rev with the European Parliament scrutinising European executives; takes into account the recent report published by the European Court of Auditors on the Commission to grant the Parliament its role as co-legislator and democratic oversight in these policies; ’s assessment of national recovery and resilience plans and firmly believes that the European Parliament should act as a counterweight to ensure effective scrutiny. Calls for the Parliament to stand on an equal footing with the Council in particular as regards Articles 121 and 122 TFEU, as concerns economic and monetary policy, and Articles 311, 312 and 319 TFEU, as concerns the budget;
Amendment 12 #
2022/2051(INL)
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Recalls the EU objectives set out in the Treaty such as establishing an economic and monetary union as well as achieving sustainable development based on balanced economic growth and price stability and a highly competitive market economy with full employment and social progress; underlines that any regulation should be in line with the achievement of these objectives; Considers that the resilience of the EU economy and the strategic autonomy of the EU should be added as general objectives of the Treaties;
Amendment 17 #
2022/2051(INL)
Draft opinion
Paragraph 2
Paragraph 2
2. Supports an economic governance framework that ensures stability, full employment, strategic and sustainable investmentssupports strengthening the competitiveness and resilience of the EU economy to ensure stability, full employment, strategic and sustainable investments for the achievement of key objectives in the twin transition and strategic autonomy of the EU, democratic accountability and ownership, and fiscal policies and instruments to counteract shocks;
Amendment 35 #
2022/2051(INL)
Draft opinion
Paragraph 3
Paragraph 3
3. Calls for the economic governance to be redesigned taking into account lessons learned from the NGEU and SURE processes; in light of the review of the Stability and Growth Pact and principles enshrined in the Treaties; stresses the need to update our macroeconomic governance framework to make it more resilient and to enable Member States to design new relevant rules to ensure the sustainability of their economic models and key investments, based on sound fiscals policies and sustainable debt levels;
Amendment 52 #
2022/2051(INL)
Draft opinion
Paragraph 4
Paragraph 4
4. Urges that the framework of the ECB’s accountability to Parliament be improved to reinforce and clarify the role of the European Parliament as a scrutiny body; Calls for a more comprehensive definition of the price stability and the ways to achieve it; Underlines that fiscal policy should play a stronger role and calls for a better convergence to complement the role of monetary policy;
Amendment 71 #
2022/2051(INL)
Draft opinion
Paragraph 5
Paragraph 5
5. Underlines the numerous impediments to essential EU tax initiatives over the past decades; calls for gradual change that would allow QMV in certain tax questionrecalls the possibility to use a passerelle clause to shift from unanimity to qualified majority voting in tax matters; calls for gradual change that would allow moving to qualified majority voting under ordinary legislative procedure as recommended by the Conference on the Future of Europe; considers that involving the European Parliament would enhance decision- making in taxation; supports the principle of establishing a common set of rules defining how companies’ profits should be taxed while ensuring it should apply fairly to all Member States and not disproportionately favour large economies;
Amendment 109 #
2022/2051(INL)
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6 a. Considers that the European Parliament should be more involved in the activity of working parties and expert groups, such as the International Competition Network and the Organisation for Economic Cooperation and Development (OECD) as an observer to get a better knowledge of the matter and keep it updated on the developments in order to be more prepared for its role as co-legislator;
Amendment 112 #
2022/2051(INL)
Draft opinion
Paragraph 7
Paragraph 7
7. Calls for the full use of the current Treaties, such as enhanced cooperation, in the meantime.
Amendment 22 #
2022/2046(INI)
Motion for a resolution
Recital D
Recital D
D. whereas citizens rightly expect thea bigger EU budget to respond effectively to evolving needs and to better support them in crises;
Amendment 29 #
2022/2046(INI)
Motion for a resolution
Recital E
Recital E
E. whereas the combined effect of multiple crises and, low MFF ceilings and cumbersome rules applying to any MFF review or revision has given rise to a ‘galaxy’ of ad hoc instruments beyond the EU budget, as well as greater use of external assigned revenue not subject to the budgetary procedure, most notably in the case of NextGenerationEU; whereas, as one arm of the budgetary authority, Parliament should play a full role in this new budgetary environment in order to ensure democratic accountability and transparency;
Amendment 44 #
2022/2046(INI)
Motion for a resolution
Paragraph 1
Paragraph 1
1. Underlines the central role that the EU budget must plays in delivering on the Union’s political priorities, including making a success of the green and digital transitions, fostering an inclusive and social recovery, promoting growth, strategic autonomy and energy independence, providing support for small and medium-sized enterprises, fostering sustainable development that leaves no one behind and ensures cohesion and upward convergence, ensuring a more robust European Health Union in the aftermath of the COVID-19 crisis, promoting the rule of law, EU values and fundamental rights, contributing to greater opportunities for all, and ensuring a stronger Union for its people and in the world;
Amendment 58 #
2022/2046(INI)
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Asks therefore the Commission to consider putting forward a legislative proposal establishing a temporary instrument outside the MFF for the mutualisation of war-related costs ("Ukrainian crisis Adjustment Reserve"), that would be aimed to support the most affected Member States;
Amendment 68 #
2022/2046(INI)
Motion for a resolution
Paragraph 4
Paragraph 4
4. Welcomes the decision to grant Ukraine and Moldova candidate country status and a membership perspective to Georgia; emphasises that this decision entails a long-term financial and budgetary commitment to supporting the necessary reforms specific to each country, as has been the case with other candidate countries, as well as to reconstruction and recovery;
Amendment 69 #
2022/2046(INI)
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4 a. Considers that the EU budget should play a role in the reconstruction and recovery of Ukraine once the war is over, along with contributions by Member States and other international partners and Russian war reparations;
Amendment 72 #
2022/2046(INI)
Motion for a resolution
Paragraph 5
Paragraph 5
5. Points out that essential new policy initiatives put forward since the adoption of the current MFF have come with proposals to shift money away from key EU policies and objectives that actually pay for the collateral damages of the recent crises; considers that recurrent redeployments are not a viable way to finance Union’s priorities;
Amendment 81 #
2022/2046(INI)
Motion for a resolution
Paragraph 6
Paragraph 6
6. Points to the extensive use made of the special instruments in the first two years of the MFF; notes that the Flexibility Instrument was mobilised for Heading 6 spending in 2022 and points to the proposal that it beCommission’s proposal in the Amending Letter 1/2023 that it will be significantly mobilised for spending under both Headings 62b, 5 and 76 in 2023; points out that, under the defence proposal of July 202218 , further appropriations are to be mobilised via special instruments in 2023 andalso in 2024; _________________ 18 Proposal of 19 July 2022 for a regulation on establishing the European defence industry Reinforcement through common Procurement Act (COM(2022)0349).
Amendment 87 #
2022/2046(INI)
Motion for a resolution
Paragraph 8
Paragraph 8
8. Emphasises, therefore, that the 2021-2027 MFF is already being pushed to its limits less than two years after its adoption, a situation aggravated by the unforeseeable events of 2022; points out that it is simply not equipped, in terms of size, structure or rules, to respond to a multitude of crises of this scale, nor to adequately finance new shared EU policy ambitions and the swift implementation of the requisite EU-wide solutions; is very concerned, in this regard, about the ability from the European Union to respond to any future unknown crises that might happen by 2027;
Amendment 94 #
2022/2046(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that the MFF is increased annually on the basis of a 2 % deflator applied to 2018 prices; underlines that spiralling energy prices and extreme energy market volatility caused mainly by Russia’s decision to cut gas supply have been feeding soaring inflation, with severe impacts on citizens, businesses and consumers; is deeply concerned that such unexpectedly high levels of inflation are placing the MFF under severe strain and reducing its purchasing power further, in a context where its overall level is already lower than previous MFFs in terms of share of the EU GDP; stresses that, in practice, this means that fewer Union projects and actions can be funded, thereby negatively impacting beneficiaries;
Amendment 98 #
2022/2046(INI)
Motion for a resolution
Paragraph 10
Paragraph 10
10. Recalls, further, that, despite Parliament’s demands that the European Union Recovery Instrument (EURI) be placed over and above the ceilings, the refinancing costs are repaid from within the MFF ceilings, exerting further pressure on the MFF, especially and requiring the use of special instruments in 2023, in a context of rising interest rates and increasing NGEU borrowing costs;
Amendment 130 #
2022/2046(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Underlines that the unanimity requirement for adoption of the MFF Regulation impedes the necessary decisions in the revision process; calls, in that regard, on the European Council to activate the passerelle clause set out in Article 312(2) TFEU to allow for adoption of the MFF Regulation by qualified majority; recalls its proposals that the ordinary legislative procedure be applied for the adoption of the MFF Regulation;
Amendment 142 #
2022/2046(INI)
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16 a. Strongly supports the use of the Regulation on a general regime of conditionality for the protection of the EU budget (the Conditionality Regulation); believes that its entry into force had a general deterrent effect on nationals authorities planning to breach the rule of law with EU funds; regrets its long- overdue application by the Commission in case of Hungary; commits to do whatever it can to ensure the respect of the provisions of the Regulation and their effective implementation; emphasises the clear link between respect for the rule of law and the efficient implementation of the EU budget; notes that any upscaling of the 2021-2027 MFF should aim to reinforce the protection of the rule of law and EU’s financial interests; underlines that the Conditionality Regulation aims first and foremost at protecting the EU budget rather than the rule of law; asks the Commission to assess how the Regulation could be improved to allow the EU to suspend EU funds whenever there are breaches of the rule of law in Member States in order to ensure the full respect of Article 2 of the Treaty on the European Union;
Amendment 150 #
2022/2046(INI)
Motion for a resolution
Paragraph 17
Paragraph 17
17. Reaffirms its long-standing position that new political initiatives must be financed with additional fresh money and not to the detriment of well-established, pre-existing Union programmes or policies; strongly criticizes the systematic use of redeployments and the relabelling of existing programmes to finance new initiatives(“budgetwashing”);
Amendment 162 #
2022/2046(INI)
18. Highlights that many of the policy ambitions recently stated – notably in the fields of energy and strategic and industrial autonomy – and the new policy initiatives since January 2021 (Chips Act, Secure Connectivity, Health Emergency Preparedness and Response Authority) imply spending under Heading 1; opposes the use of agreed programme envelopes to finance new initiatives and believes that the margins are insufficient to accommodate the greater long-term needs; calls, therefore, for an increase in the ceiling of Heading 1;
Amendment 165 #
2022/2046(INI)
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18 a. Welcomes, in this regard, the announcement made by the Commission President in her State of the Union address on 14 September 2022, calling for the establishment of a European Sovereignty Fund; shares Commission’s concerns over the EU’s dependencies on non-EU countries, as it is the case for energy, critical industrial items, fertilisers, raw materials, chemicals and other key products for the European economy; commits to critically assess any proposal to make sure it responds to real needs and provides fresh means; calls in this regard for the establishment of a new dedicated Fund to secure the strategic autonomy of the Union by financing cross-border energy infrastructure, renewable energy production and energy efficiency, as well as supporting space, cybersecurity, key industrial sectors, the circular economy, food security, new partnerships, production of critical chemicals and raw materials; insists that any such new fund should be established according to the ordinary legislative procedure and function under the full oversight of the European Parliament and with direct management by the Commission; emphasises that its overall amount should be established on the basis of a clear assessment of the costs and investment gaps; asks all of it to be based on lessons learnt from NGEU and be presented with the upcoming MFF revision in 2023;
Amendment 193 #
2022/2046(INI)
Motion for a resolution
Paragraph 22
Paragraph 22
22. Highlights that the necessary spending to enhance defence cooperation and investment cannot solely be covered within the ceiling of Heading 5; calls for the ceiling to be increased in line with needswelcomes the Commission’s upcoming proposal for a European defence investment programme (EDIP) in view of introducing joint procurement and life cycle management of military capabilities; calls for the ceiling to be increased in line with needs; considers, in this regard, that savings could be made thanks to a mutualisation of defence spending between the Member States at the EU level;
Amendment 217 #
2022/2046(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Stresses that the MFF revision must not lead to any downwards revision of the pre-allocated national envelopes; emphasises the fact that the late agreement on the MFF for 2021-2027 and on the cohesion policy package, coupled with the COVID-19 crisis, led to a slow start to the programming process, but not because of the policy itself even though more administrative simplification is strongly needed; underlines that the delayed start does not in any way call into question the pivotal role and added value of cohesion policy as the essential Union investment policy and convergence instrument;
Amendment 261 #
2022/2046(INI)
Motion for a resolution
Paragraph 32
Paragraph 32
32. Calls for annual appropriations for the Flexibility Instrument to be increased from EUR 915 million to EUR 2 billion; calls, in addition, for the SEAR to be split into two strands – the EAR and the EUSF – and for annual appropriations to be increased from EUR 1.2 billion for the SEAR overall to EUR 1 billion for each strand in 2018 prices; considers that this will provide vital additional resources to respond to current and emerging needs;
Amendment 272 #
2022/2046(INI)
Motion for a resolution
Paragraph 35
Paragraph 35
35. Insists that, beyond a reinforcement of the existing special instruments, it is necessary to establish a permanent fiscal capacity for the Euro Area and common crisis instrument as an additional permanent special instrument over and above the MFF ceilings so that the EU budget can better adapt and quickly react to crises and their social and economic effects;
Amendment 281 #
2022/2046(INI)
Motion for a resolution
Paragraph 36
Paragraph 36
36. Insists that decommitted appropriations should remain in the budge, fines not used for EU programmes top-ups in 2021-2027 and penalties should accrue to the crisis instrument so as to provide additional budgetary flexibility; underlines the need for corresponding changes to the Financial Regulation;
Amendment 290 #
2022/2046(INI)
Motion for a resolution
Paragraph 37 a (new)
Paragraph 37 a (new)
37 a. Regrets the decrease of the EU budget in terms of percentage to the EU GDP over the last decades; considers that capping the EU budget at roughly 1% of the EU GDP as a rule impedes the EU from fulfilling its increasing tasks; calls on the Member States to take decisions based on needs instead of dogmas;
Amendment 301 #
2022/2046(INI)
Motion for a resolution
Paragraph 39
Paragraph 39
39. Deplores, however, the repeated use of off-budget instruments, in particular under Article 122 TFEU, which runs counter to citizens’ interests, as this frustrates oversight, accountability and the transparency of public spending; considers, in that regard, than an annual plenary debate in Parliament on all EU finances, including off-budget instruments, will be an important step towards enhancing transparency and accountability;
Amendment 304 #
2022/2046(INI)
Motion for a resolution
Paragraph 40
Paragraph 40
40. Stresses, in this context, that the trend towards increased use of external assigned revenue is not a satisfactory solution as it weakens the role of the budgetary authority (Parliament and the Council), thereby negatively impacting democratic scrutiny and reducing the transparency of the EU’s finances; demands legally sound solutions that allow for targeted, one-off or needs-based top- ups that display the same advantages as earmarkxternal assigned revenue (i.e. not counted against the ceilings), but that are at the same time subject to full control of the budgetary authority; reminds its strong commitment to the universality principle;
Amendment 308 #
2022/2046(INI)
Motion for a resolution
Paragraph 42
Paragraph 42
42. Calls on the Commission, furthermore, to begin a longer-term reflection on the EU budget post-2027 in the light of evolving spending needs and building on the work of the Conference on the Future of Europe with respect to own resources and the budget; insists that the successor to the current MFF be equipped to deal fully and flexibly with a range of policy priorities and spending needs and to ensure resilience in the event of crises; asks the Commission to review the whole architecture of the MFF, including through an assessment of the suitability of a long-term programming framework for all EU programmes and of the duration of programming periods of seven years;
Amendment 10 #
2022/2037(INI)
Motion for a resolution
Citation 10
Citation 10
— having regard to Articles 123(1), 125, 127(1) and (2), 130, 282(2) and 284(3) of the Treaty on the Functioning of the European Union,
Amendment 34 #
2022/2037(INI)
Motion for a resolution
Recital C a (new)
Recital C a (new)
C a. whereas the primary objective of the ECB is to maintain price stability, which it has defined as 2% inflation over the medium term;
Amendment 37 #
2022/2037(INI)
Motion for a resolution
Recital C b (new)
Recital C b (new)
C b. whereas the ECB is politically independent, so that neither EU institutions and agencies, nor governments of the Members States, shall seek to influence the ECB;
Amendment 60 #
2022/2037(INI)
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1 a. Expresses its deep concern about the historically high and increasing levels of inflation throughout the eurozone; recalls that the ECB is the institution responsible for maintaining price stability;
Amendment 64 #
2022/2037(INI)
Motion for a resolution
Paragraph 2
Paragraph 2
2. Highlights that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate; stresses that this independence must remain untouched at all times; emphasises that this independence requires the ECB to refrain from taking political decisions;
Amendment 70 #
2022/2037(INI)
Motion for a resolution
Paragraph 3
Paragraph 3
3. Welcomes the Republic of Croatia as the 20th member country of the euro area; stresses that participation in the monetary union comes with the responsibilities enshrined in the Stability and Growth Pact;
Amendment 116 #
2022/2037(INI)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. is gravely concerned about the risk of fragmentation given the divergences in inflation levels among Euro-area countries, from Estonia´s 25,2% to France´s 6,6% in August 20221a; believes this imperils the singleness of the ECB´s monetary policy and its transmission system; reiterates the need for sound economic and fiscal policies and to deliver on structural reforms to foster convergence; _________________ 1a https://www.ecb.europa.eu/stats/macroeco nomic_and_sectoral/hicp/html/index.en.ht ml
Amendment 141 #
2022/2037(INI)
Motion for a resolution
Paragraph 9
Paragraph 9
9. Observes that there is little evidence that rising inflation is spurring a wage-price spiral, not least given the extent of wage restraint in recent years; warns against the danger of a wage-price spiral if wages are to increase significantly;
Amendment 159 #
2022/2037(INI)
Motion for a resolution
Paragraph 11
Paragraph 11
11. WelcomeRegrets the ECB’s decision not to engage in quantitative tightening; stresses that quantitative easing amounts economically to monetary financing, which is prohibited by article 123(1) TFEU, if the ECB does not shrink back its balance sheet;
Amendment 170 #
2022/2037(INI)
Motion for a resolution
Paragraph 12
Paragraph 12
12. Stresses that an even transmission of monetary policy is vital to the achievement of the ECB’s price stability mandate; notes the ECB’s decision on 15 June 2022 to apply flexibility in reinvesting redemptions that are due under the pandemic emergency purchase programme; welcomes the launch of the Transmission Protection Instrument to support the effective transmission of monetary policy across the euro area;
Amendment 176 #
2022/2037(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
Amendment 177 #
2022/2037(INI)
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12 a. Regrets the launch of the Transmission Protection Instrument; calls on the ECB to respect the spirit of the prohibition of monetary financing; calls on the ECB to respect the capital key when executing its monetary operations in order to prevent uneven financial support to Member States;
Amendment 198 #
2022/2037(INI)
Motion for a resolution
Paragraph 14
Paragraph 14
14. Recalls that the Treaty on the Functioning of the European Union requiresstates that the ECB toshall support the general economic policies of the Union, without prejudice to its primary objective of maintaining price stability;
Amendment 204 #
2022/2037(INI)
Motion for a resolution
Paragraph 15
Paragraph 15
Amendment 218 #
2022/2037(INI)
Motion for a resolution
Paragraph 16
Paragraph 16
16. Considers high levels of sustainable growth and investment to be key economic goals; calls on the ECB to consider how its monetary policy stance will impact thostresses that these objectives are best achieved when the free market operates in a stable macroeconomic environment based objectin predictable price levels;
Amendment 233 #
2022/2037(INI)
Motion for a resolution
Paragraph 18
Paragraph 18
18. Reaffirms that achieving the Union’s climate goals and ensuring a just transition are one of the top priorities of the EU’s general economic policies, which the ECB is expected to support through maintaining price stability and a stable macroeconomic environment that stimulates investment in clean technologies, as well as preventing distortions in the signalling function of prices that ensures an efficient allocation of resources;
Amendment 246 #
2022/2037(INI)
Motion for a resolution
Paragraph 20
Paragraph 20
20. Stresses that addressing the climate emergency and the euro area’s dependence on fossil fuels touches not only upon the ECB’s secondary mandate, but also its primary mandate, given the serious threat these issues pose tothe best way the ECB can contribute to mitigating climate change is to ensure price stability and a stable macroeconomic environment that encourages green investment; invites the ECB to assess to what extent climate change affects its ability to maintain price stability;
Amendment 256 #
2022/2037(INI)
Motion for a resolution
Paragraph 21
Paragraph 21
21. WelcomNotes the Governing Council’s decision to take further steps to include climate change considerations in the Eurosystem’s monetary policy framework;
Amendment 270 #
2022/2037(INI)
Motion for a resolution
Paragraph 23
Paragraph 23
Amendment 278 #
2022/2037(INI)
Motion for a resolution
Paragraph 24
Paragraph 24
24. RegretNotes that the climate roadmap does not include greening of the ECB’s targeted long-term refinancing operations; stresses that providing cheap liquidity to financial institutions investing in brown activities works against the fight against inflation and is not consistent with the objectives of the Paris Agreementits independence requires refraining from taking political decisions such as diverging from the market neutrality principle; notes, furthermore, that the concept of market neutrality is related to the principle of an open market economy with free competition;
Amendment 288 #
2022/2037(INI)
Motion for a resolution
Paragraph 25
Paragraph 25
25. Is concerned about the implications of higher interest rates for green investments; calls on the ECB to assess the possibility of applying differentiated rates to support green investments and disincentivise brown investments;
Amendment 302 #
2022/2037(INI)
Motion for a resolution
Paragraph 26
Paragraph 26
26. Welcomes the ECB climate risk stress test aimed at assessing the climate risk preparedness of the European banking sector; is concerned that the results published on 8 July 2022 show that banks do not have robust climate risk stress- testing frameworks and lack the relevant data; calls on the ECB to use all its available tools to ensure that banks take climate risk seriously in order to mitigate the financial risks resulting from climate change;
Amendment 327 #
2022/2037(INI)
Motion for a resolution
Paragraph 31
Paragraph 31
31. Welcomes the ECB’s progress on the digital euro project, as well as the dialogue with Parliament in this regard; looks forward to the Governing Council reaching a decision on launching the digital euro; highlights the expected benefits such as efficiency gains and increased financial inclusion;
Amendment 340 #
2022/2037(INI)
Motion for a resolution
Paragraph 31 c (new)
Paragraph 31 c (new)
31 c. Strongly regrets the ECB’s decision to involve Amazon in testing prototype interfaces for a digital euro; stresses that Amazon is a potential competitor in this field and that it should therefore not be placed in such a position, especially since Amazon does not receive any monetary compensation for this assignment; stresses furthermore that outsourcing the digital euro infrastructure to a US tech company weakens the EU's strategic autonomy;
Amendment 341 #
2022/2037(INI)
Motion for a resolution
Paragraph 31 d (new)
Paragraph 31 d (new)
31 d. Welcomes the ECB’s achievement to lower its carbon emissions by 10.7% between 2020 and 2021; encourages the ECB to continue its steps to reduce its carbon emissions further by 46.2% (relative to 2019 levels) by 2030;
Amendment 342 #
2022/2037(INI)
Motion for a resolution
Paragraph 31 e (new)
Paragraph 31 e (new)
31 e. Supports the aim of the ECB to increase female representation by encouraging women to advance in this field; therefore welcomes initiatives such as the ECB Women in Economics Scholarship;
Amendment 79 #
2022/0413(CNS)
Proposal for a directive
Recital 9
Recital 9
(9) At international level, the Organisation for Economic Co-operation and Development (OECD) Crypto-Asset Reporting Framework28 aims at introducing greater tax transparency on crypto-assets and its reporting. Union rules should take into account the framework developed by the OECD in order to increase effectiveness of information exchange and to reduce the administrative burden. Member States should use the Commentaries on the Model Competent Authority Agreement and the Crypto- Asset Reporting Framework, developed by the OECD, in order to ensure consistent implementation and application of this Directive. __________________ 28 https://www.oecd.org/tax/exchange-of- tax-information/crypto-asset-reporting- framework-and-amendments-to-the- common-reporting-standard.pdf
Amendment 87 #
2022/0413(CNS)
Proposal for a directive
Recital 14
Recital 14
(14) The Directive applies to crypto- assets service providers regulated by and authorised under Regulation XXX and to crypto-asset operators that are not. Both are referred to as reporting crypto-asset service providers as they are required to report under this Directive. The general understanding of what constitutes crypto- assets is very broad and includes those crypto-assets that have been issued in a decentralised manner, as well as stablecoins, including e-money tokens as defined in Regulation XXX, and certain non-fungible tokens (NFTs). Crypto-assets that are used for payment or investment purposes are reportable under this Directive. Therefore, reporting crypto-asset service providers should consider on a case-by-case basis whether crypto-assets can be used for payment and investment purposes, taking into account the exemptions provided in Regulation XXX, in particular in relation to a limited network and certain utility tokens..
Amendment 105 #
2022/0413(CNS)
Proposal for a directive
Recital 35 a (new)
Recital 35 a (new)
(35a) Information acquired through the reporting or the exchange of information under Directive 2011/16/EU should be effectively used by each Member State. Therefore, a mechanism ensuring effective use, including risk analysis of the data, should be introduced in each Member State.
Amendment 119 #
2022/0413(CNS)
Proposal for a directive
Recital 42 a (new)
Recital 42 a (new)
(42a) Following the judgment of the Court of Justice of the European Union in Case C-694/20, Directive 2011/16/EU should be amended in such a manner that its provisions do not have the effect of requiring a lawyer acting as an intermediary, where he or she is exempt from the reporting obligation, on account of the legal professional privilege by which he or she is bound, to notify any other intermediary who is not his or her client of that intermediary’s reporting obligations while preserving the obligation of intermediaries to notify without delay his or her client of his or her reporting obligations.
Amendment 164 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Directive 2011/16/EU
Article 8ad – paragraph 6
Article 8ad – paragraph 6
Amendment 182 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 7 – point c
Article 1 – paragraph 1 – point 7 – point c
Directive 2011/16/EU
Article 16 – paragraph 7
Article 16 – paragraph 7
7. The competent authority of each Member State shall put in place an effective mechanism to ensure the assessmentuse of data acquired through the reporting or the exchange of information under Articles 8 to 8ad within the scope of this Directive as well as to put in place procedures for the systematic risk analysis of the data.;
Amendment 218 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Council Directive 2011/16/EU
Article 25a – paragraph 3 – subparagraph 1 b (new)
Article 25a – paragraph 3 – subparagraph 1 b (new)
The penalties established in this paragraph (3) shall not exceed 1% of the global turnover of the person obliged to report.
Amendment 221 #
2022/0413(CNS)
Proposal for a directive
Article 1 – paragraph 1 – point 13
Article 1 – paragraph 1 – point 13
Directive 2011/16/EU
Article 25a – paragraph 3 – subparagraph 2
Article 25a – paragraph 3 – subparagraph 2
The Commission shall evaluate the appropriateness of the amounts provided in this paragraph (d3) in the report referred to in Article 27 (1).
Amendment 246 #
2022/0413(CNS)
Proposal for a directive
Annex III
Annex III
Directive 2011/16/EU
Annex VI – Section II – point B a (new)
Annex VI – Section II – point B a (new)
Ba. Notwithstanding subparagraph A(1), the place of birth is not required to be reported unless the Reporting Crypto- Asset Service Provider is otherwise required to obtain and report it under domestic law.
Amendment 249 #
2022/0413(CNS)
Proposal for a directive
Annex III
Annex III
Directive 2011/16/EU
Annex VI – Section IV – point A – subparagraph 5
Annex VI – Section IV – point A – subparagraph 5
5. For the purposes of this Directive, ‘Electronic Money’ or ‘E-money’ means Electronic Money or E-money as is defined in Directive 2009/110/EC. For the purposes of this Directive, tany Crypto-Asset that is: (a) a digital representation of a single Fiat Currency; (b) issued on the receipt of funds for the purpose of making payment transactions; (c) represented by a claim on the issuer denominated in the same Fiat Currency; (d) accepted in payment by a natural or legal person other than the issuer; and (e) by virtue of regulatory requirements to which the issuer is subject, redeemable at any time and at par value for the same Fiat Currency upon request of the holder of the product. The term ‘Electronic money’ or ‘E-money’ does not include a product created for the sole purpose of facilitating the transfer of funds from a customer to another person pursuant to instructions of the customer. A product is not created for the sole purpose of facilitating the transfer of funds if, in the ordinary course of business of the transferring Entity, either the funds connected with such product are held longer than 60 days after receipt of instructions to facilitate the transfer, or, if no instructions are received, the funds connected with such product are held longer than 60 days after receipt of the funds.
Amendment 112 #
2022/0411(COD)
Proposal for a regulation
Recital 8
Recital 8
(8) To foster clarity and convergence across the Union and to reduce unnecessary burden for companies, a single harmonised threshold of EUR 12 000 000 should be set out at Union level and should replace the existing optional thresholds. Below that threshold, offers of securities to the public should be exempted from the obligation to publish a prospectus, provided that those offers do not require passporting. In the case of such an exemption, however, Member States should be able to require other disclosure requirements at national level to the extent that such requirements do not constitute a disproportionate or unnecessary burden publication of a summary as referred to in Article 7 of Regulation (EU) 2017/1129.
Amendment 114 #
2022/0411(COD)
Proposal for a regulation
Recital 9
Recital 9
(9) Cross-border offers of securities to the public that are exempted from the obligation to publish a prospectus should be subject to the national disclosure requirements set out by the concerned Member States, where applicable. However, iIssuers, offerors or persons asking for the admission to trading on a regulated market of securities which are not subject to the obligation to publish a prospectus should benefit from the single passport where they choose to draw up a prospectus on a voluntary basis.
Amendment 116 #
2022/0411(COD)
Proposal for a regulation
Recital 16
Recital 16
(16) In certain cases, the prospectus or its related documents may reach massive sizes, becoming unfit for investors to take an informed investment decision. To improve the readability of the prospectus and make it easier for investors to analyse it and navigate through ittoo expensive for issuers to produce due to the inherent expense associated with lengthy prospectuses. In addition, the length of prospectuses and their format varies greatly accross the EU, which is contrary to the objective of fostering convergence within EU capital markets. To improve the readability of the prospectus, reduce the costs related to their drafting for issuers and create convergence accross EU capital markets, it is necessary to set out a maximum page limit. However, such page limit should only be introduced for offers to the public or admissions to trading on a regulated market of shares. A page limit would not be appropriate for equity securities other than shares or non- equity securities, which include a broad range of different instruments, including complex ones. Furthermore, the summary, information incorporated by reference or information to be provided when the issuer has a complex financial history or has made a significant financial commitment should be excluded from the page limit.
Amendment 121 #
2022/0411(COD)
Proposal for a regulation
Recital 25
Recital 25
(25) The EU Recovery prospectus referred to in Article 14a of Regulation (EU) 2017/1129 may no longer be used after 31 December 2022. That EU Recovery prospectus had the advantage that is was composed of a single document that was limited in size, making it easy for issuers to draw it up and easy for investors to understand it. For those reasons, the EU Follow-on prospectus should follow the same model, and should be subject to the same reduced scrutiny period as the EU Recovery prospectus. However, the requirements for the EU Follow-on prospectus should for obvious reasons not require Covid-19 crisis-related disclosures. As the EU Follow-on prospectus should replace both the simplified prospectus for secondary issuances and the EU Recovery prospectus, it should be permanent and available for both secondary issuances of equity and non-equity securities. In addition, its use should not be subject to any restrictions beyond the requirement of the minimum and continuous period of admission of the securities concerned to trading on a regulated market or an SME growth market.
Amendment 122 #
2022/0411(COD)
Proposal for a regulation
Recital 27
Recital 27
(27) In order to make the EU Follow-on prospectus a harmonised document and facilitate its readability for investors across the Union, irrespective of the jurisdiction where securities are offered to the public or admitted to trading on a regulated market, its format should be standardised for both equity and non-equity securities. For the same reason, the information in the EU Follow-on prospectus should be disclosed in a standardised sequence. To improve the readability of the EU Follow-on prospectus and to make it easier for investors to analyse it and navigate through it, the number of pages of such prospectus should be limited for secondary issuances of shares. Such a page limit would, however, be inappropriate for the broad category of equity securities other than shares or non- equity securities, which include a wide range of different instruments, including complex ones. Furthermore, the summary, information incorporated by reference or information to be provided when the issuer has a complex financial history or has made a significant financial commitment should be excluded from the page limit. To enable investor protection, the Follow-on prospectus to be published by issuers seeking to make a transition from an SME growth market to a regulated market should be subject to an extended page limit.
Amendment 123 #
2022/0411(COD)
Proposal for a regulation
Recital 31
Recital 31
(31) The EU Growth issuance document should contain a short-form summary, as a useful source of information for retail investors, having the same format and content as the summary of the EU Follow- on prospectus. That summary should be set out at the beginning of the EU Growth issuance document and should focus on key information enabling investors to decide which offers to the public and admissions to trading of shares to study further, and subsequently to review the EU Growth issuance document as a whole in order to take an informed investment decision.
Amendment 128 #
2022/0411(COD)
Proposal for a regulation
Recital 48
Recital 48
(48) An effective cooperation with supervisory authorities of third countries concerning the exchange of information with those authorities and the enforcement of obligations arising under Regulation (EU) 2017/1129 in third countries is necessary to protect investors in the Union and ensure level playing field between issuers established in the Union and third country issuers. In order to ensure an efficient and consistent exchange of information with supervisory authorities, ESMA should establish cooperation arrangements with the supervisory authorities of third countries concerned, and the Commission should be empowered to determine the minimum content and the template to be used for such arrangements. However, in order to ensure investor protection, it is crucial that third countries that are in the list of jurisdictions which have strategic deficiencies in their national anti-money laundering and in countering the financing of terrorism regimes that pose significant threats to the financial system of the Union should be excluded from such cooperation arrangements.
Amendment 130 #
2022/0411(COD)
Proposal for a regulation
Recital 51
Recital 51
(51) The Commission should, after an appropriate time period after the date of application of this amending Regulation, review the application of Regulation (EU) 2017/1129 and assess in particular whether the provisions on the prospectus summary, on the disclosure regimes for the EU Follow-on prospectus, on the EU Growth issuance documents and on the universal registration document remain appropriate to meet the objectives pursued by those provisions. It is also necessary to lay down that that report should analyse the relevant data, trends and costs in relation the EU Follow-on prospectus and for the EU Growth issuance document. In particular, that report should assess whether those new regimes strike a proper balance between investor protection and the reduction of administrative burdens. The report should also analyse how to create further synergies between Regulation (EU) 2017/1129 and the European Single Access Point European Single Access Point (‘ESAP’), as regards the availability of relevant disclosure documents. Moreover, the Commission should also assess whether further harmonisation of the provisions for prospectus liability could be warranted and, if relevant, propose amendments to the liability provisions set out in Article 11 of Regulation (EU) 2017/1129.
Amendment 134 #
2022/0411(COD)
Proposal for a regulation
Recital 61
Recital 61
Amendment 136 #
2022/0411(COD)
Proposal for a regulation
Recital 62
Recital 62
Amendment 139 #
2022/0411(COD)
Proposal for a regulation
Recital 63
Recital 63
Amendment 146 #
2022/0411(COD)
Proposal for a regulation
Recital 69
Recital 69
(69) The monitoring of order book data across both multilateral and bilateral trading systems is crucial for the surveillance of market activity. Competent authorities should therefore have easy access to data that they need for their supervisory activity. Some of those data concern instruments that are traded in a trading venue, a systematic internaliser and other over the counter (OTC) markets, located in another Member State. To enhance the effectiveness of supervision, competent authorities should set up a mechanism to exchange order book data on an ongoing basis. Considering its technical expertise, ESMA should draft implementing technical standards specifying the arrangements required by that mechanism for the exchange of order book among competent authorities. To ensure that the scope of that mechanism for exchanging order book data is proportionate in relation to its use, only competent authorities that supervise markets that have a high level of cross- border activity should be obliged to participate to that mechanism. The level of cross-border dimensions should be determined by the Commission in a delegated act. Furthermore, that mechanism for exchanging order book data should at first only concern shares, bonds and futures, considering the relevance of those financial instruments in terms of both cross-border trading and market manipulation. However, to ensure that such mechanism for exchanging order book data takes into account developments in financial markets and the capacity of competent authorities to process new data, the Commission should be empowered to broaden the scope of instruments the order book data of which can be exchanged through that mechanism.
Amendment 149 #
2022/0411(COD)
Proposal for a regulation
Recital 74
Recital 74
(74) In order to specify the requirements set out in this Regulation, in accordance with its objectives, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of revising the format and content of the prospectus, specifying the documents and information to be made available on the European Single Access Point upon entry into force of Regulation EU(XXX/XXX), specifying the reduced content and the standardised format of the EU Follow-on prospectus and the EU Growth Issuance document, fostering convergence in the scrutiny and approval of the prospectus by competent authorities, further specifying general equivalence criteria for prospectuses drawn up by third country issuers, determining the minimum content of cooperation arrangements between ESMA and third country supervisory authorities, pursuant to Regulation (EU) 2017/1129, as well as revising the alleviated template setting out the list of persons who have access to inside information, and expanding the list of financial instruments to enable competent authorities to obtain order book data, pursuant to Regulation (EU) No 596/2014. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making59 . In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. __________________ 59 OJ L 123, 12.5.2016, p. 1.
Amendment 174 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2017/1129
Article 3 – paragraph 2 – subparagraph 3
Article 3 – paragraph 2 – subparagraph 3
Where an offer of securities to the public is exempted from the obligation to publish a prospectus pursuant to the first subparagraph, a Member State may require other disclosure requirements at national level, to the extent that such requirements do not constitute a disproportionate or unnecessary burden issuer to file a summary containing the information set out in paragraphs 3 to 12 of Article (7) and to make it available to the public in accordance with the arrangements set out in Article 21(2).;
Amendment 192 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point h
Article 1 – paragraph 1 – point 7 – point h
Regulation (EU) 2017/1129
Article 7 – paragraph 12b – subparagraph 2
Article 7 – paragraph 12b – subparagraph 2
The summary of an EU Follow-on prospectus or of an EU Growth issuance document shall be drawn up as a short document written in a concise manner and of a maximum length of 57 sides of A4- sized paper when printed.
Amendment 193 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 7 – point h
Article 1 – paragraph 1 – point 7 – point h
Regulation (EU) 2017/1129
Article 7 – paragraph 12b – subparagraph 3 – point c – point i
Article 7 – paragraph 12b – subparagraph 3 – point c – point i
(i) an introduction, containing all of the information referred to in paragraph 5 of this Article, including warnings and the date of approval of the EU SecondaryFollow-on prospectus or of the EU Growth issuance document;
Amendment 198 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10 – point a – point i
Article 1 – paragraph 1 – point 10 – point a – point i
Regulation (EU) 2017/1129
Article 13 – paragraph 1 – subparagraph 1
Article 13 – paragraph 1 – subparagraph 1
The Commission shall by [18 months after entry into force of this amending Regulation] adopt delegated acts in accordance with Article 44 to supplement this Regulation regarding the standardised format and standardised sequence of the prospectus, the base prospectus and the final terms, and the schedules defining the specific information to be included in a prospectus, including LEIs and ISINs, avoiding duplication of information when a prospectus is composed of separate documents.;
Amendment 209 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) 2017/1129
Article 14b – paragraph 5
Article 14b – paragraph 5
5. An EU Follow-on prospectus that relates to shares or other transferable securities equivalent to shares in companies shall be of maximum length of 50 sides of A4-sized paper when printed and shall be presented and laid out in a way that is easy to read, using characters of readable size. Where an issuer uses a Follow-on prospectus to transfer from an SME growth market to a regulated market the maximum length of 75 sides of A-4 sized paper shall apply.
Amendment 210 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation(EU) 2017/1129
Article 14b – paragraph 7a
Article 14b – paragraph 7a
Amendment 215 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Article 1 – paragraph 1 – point 14
Regulation (EU) 2017/1129
Article 15a – paragraph 7a (new)
Article 15a – paragraph 7a (new)
7 a. The Commission shall, by ... [18 months after the date of entry into force of this amending Regulation], adopt delegated acts in accordance with Article 44 to supplement this Regulation by specifying the reduced content and the standardised format and sequence for the EU Growth issuance document, as well as the reduced content and the standardised format of the specific summary. Those delegated acts shall be based on Annexes VII and VIII.’;
Amendment 236 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 19 – point a a (new)
Article 1 – paragraph 1 – point 19 – point a a (new)
Regulation (EU) 2017/1129
Article 21 – paragraph 2 a (new)
Article 21 – paragraph 2 a (new)
(a a) the following paragraph is inserted: 2a. The Commission is empowered to adopt delegated acts to establish the list of documents that shall be made available in the European Single Access point referred to in Regulation (EU) XXX/XXX of the European Parliament and of the Council [ESAP Regulation].
Amendment 239 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 26 – point a
Article 1 – paragraph 1 – point 26 – point a
Regulation (EU) 2017/1129
Article 44 – paragraph 2
Article 44 – paragraph 2
2. The power to adopt delegated acts referred to in Article 1(7), Article 9(14), Article 13(1) and (2), Article 14b(7a), Article 15a(7a), Article 16(5), Article 20(11), Article 21(2a), Article 29(6) and Article 30(4) shall be conferred on the Commission for an indeterminate period from 20 July 2017.
Amendment 240 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 26 – point a
Article 1 – paragraph 1 – point 26 – point a
Regulation (EU) 2017/1129
Article 44 – paragraph 3
Article 44 – paragraph 3
3. The delegation of powers referred to in Article 1(7), Article 9(14), Article 13(1) and (2), Article 14b(7a), Article 15a(7a), Article 16(5), Article 20(11), Article 21(2a), Article 29(6) and Article 30(4) may be revoked at any time by the European Parliament or by the Council. A decision to revoke shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force.;
Amendment 241 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 26 – point b
Article 1 – paragraph 1 – point 26 – point b
Regulation (EU) 2017/1129
Article 44 – paragraph 6
Article 44 – paragraph 6
6. A delegated act adopted pursuant to Article 1(7), Article 9(14), Article 13(1) and (2), Article 14b(7a), Article 15a(7a), Article 16(5), Article 20(11), Article 21(2a), Article 29(6) and Article 30(4) shall enter into force only if no objection has been expressed either by the European Parliament or by the Council within a period of three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or of the Council.;
Amendment 242 #
2022/0411(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 29
Article 1 – paragraph 1 – point 29
Regulation (EU) 2017/1129
Article 48 – paragraph 2 a (new)
Article 48 – paragraph 2 a (new)
The following paragraph is added: 2a. The Commission shall, by 31 December 2025, present a report to the European Parliament and to the Council analysing the issue of liability for the information given in a prospectus, assessing whether further harmonisation of the prospectus liability in the Union could be warranted and, if relevant, propose amendments to the liability provisions set out in Article 11 of this Regulation.
Amendment 244 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 3 – point b
Article 2 – paragraph 1 – point 3 – point b
Regulation (EU) 596/2014
Article 11 – paragraph 4 – second subparagraph
Article 11 – paragraph 4 – second subparagraph
In case of compliance with all those conditions, the market participant shall be deemed to have disclosed inside information made in the course of a market sounding in the normal exercise of a person’s employment, profession or duties for the purposes of Article 10(1). Where the market participant chooses not to comply with all the conditions set out in the first subparagraph, there shall be no presumption of unlawful disclosure.;
Amendment 247 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point a
Article 2 – paragraph 1 – point 5 – point a
Regulation (EU) 596/2014
Article 17 – paragraph 1 – subparagraph 1
Article 17 – paragraph 1 – subparagraph 1
An issuer shall inform the public as soon as possible of inside information which directly concerns that issuer. That requirement shall not apply to intermediate steps in a protracted process as referred to in Article 7(2) and (3) where those steps are connected with bringing about a set of circumstances or an event. In a protracted process, only the final event shall be disclosed immediately after it has occurred.’;
Amendment 252 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point b
Article 2 – paragraph 1 – point 5 – point b
Regulation (EU) 596/2014
Article 17 – paragraph 1b
Article 17 – paragraph 1b
1b. An issuer shall ensure the confidentiality of the information which meets the criteria of inside information set out in Article 7 until that information is disclosed pursuant to paragraph 1. Where the confidentiality of that inside information is no longer ensured, the issuer shall disclose that inside information to the public as soon as possible.;
Amendment 255 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point c
Article 2 – paragraph 1 – point 5 – point c
Regulation(EU) 596/2014
Article 17 – paragraph 4
Article 17 – paragraph 4
Amendment 258 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 5 – point c a (new)
Article 2 – paragraph 1 – point 5 – point c a (new)
Regulation(EU) 596/2014
Article 17 – paragraph 4a (new)
Article 17 – paragraph 4a (new)
Amendment 263 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point a
Article 2 – paragraph 1 – point 6 – point a
Regulation (EU) No 596/2014
Article 18 – paragraph 1
Article 18 – paragraph 1
Amendment 269 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point b
Article 2 – paragraph 1 – point 6 – point b
Regulation (EU) No 596/2014
Article 18 – paragraphs 1a and 1b
Article 18 – paragraphs 1a and 1b
Amendment 274 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point c
Article 2 – paragraph 1 – point 6 – point c
Regulation (EU) No 596/2014
Article 18 – paragraph 2 – subparagraph 1
Article 18 – paragraph 2 – subparagraph 1
Amendment 276 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point d
Article 2 – paragraph 1 – point 6 – point d
Regulation (EU) No 596/2014
Article 17 – paragraph 6
Article 17 – paragraph 6
Amendment 280 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 6 – point e
Article 2 – paragraph 1 – point 6 – point e
Regulation (EU) No 596/2014
Article 18 – paragraph 9 – subparagraph 1
Article 18 – paragraph 9 – subparagraph 1
ESMA shall review the implementing technical standards on the alleviated format of the insider lists for issuers admitted to trading on SME growth markets to extend the use of such a format to all insider lists referred to in paragraphs 1, 1a and 1b 6.
Amendment 283 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 – point a – introductory part
Article 2 – paragraph 1 – point 7 – point a – introductory part
Regulation (EU) No 596/2014
Article 19 – paragraph 8
Article 19 – paragraph 8
(a) paragraphs 8 and 9 areis replaced by the following:
Amendment 290 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 – point a
Article 2 – paragraph 1 – point 7 – point a
Regulation (EU) No 596/2014
Article 19 – paragraph 9
Article 19 – paragraph 9
Amendment 292 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 7 – point a a (new)
Article 2 – paragraph 1 – point 7 – point a a (new)
Regulation (EU) 596/2014
Article 19 – paragraph 9
Article 19 – paragraph 9
Amendment 300 #
2022/0411(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 10
Article 2 – paragraph 1 – point 10
Regulation (EU) No 596/2014
Article 25a – paragraph 1 – subparagraph 2
Article 25a – paragraph 1 – subparagraph 2
Where a competent authority submits a request for data under paragraph 2, the requested competent authority shall provide that data in a timely manner and not later than 13 calendar days from the date of the request. The request for ongoing data from a competent authority may be submitted for a specific set of instruments.
Amendment 37 #
2022/0406(COD)
Proposal for a directive
Recital 1
Recital 1
(1) To reinforce the attractiveness of SME growththe EU's capital markets and to reduce inequalities for companies seeking admission to trading in the single market, it is necessary to address obstacles to the access to such markets that stem from regulatory barriers. Companies should be able to choose governance structures that suit best their development stage, including by enabling controlling shareholders of those companies to retain control of the business after accessing SME growth markets, whileregulated markets, SME growth markets or other Multilateral Trading Facilities (MTF) enjoying the benefits associated to trading on those markets, as long as the rights of minority shareholders continue to be safeguarded.
Amendment 45 #
2022/0406(COD)
Proposal for a directive
Recital 2
Recital 2
(2) Fear of losing control over a company constitutes one of the main deterrents for controlling shareholders to access SME growthpublic markets. Admission to trading usually entails dilution of ownership for controlling shareholders, thus reducing their influence over important investment and operating decisions in the company. Maintaining control of the company may in particular be important for start-ups and companies with long-term projects that require significant upfront costs, because they may wish to pursue their vision without becoming too exposed to market fluctuations. Shareholders in SMEs and family-owned companies might be strongly deterred from seeking listing and tapping into public markets due to fear of losing control over the company.
Amendment 48 #
2022/0406(COD)
Proposal for a directive
Recital 3
Recital 3
(3) Multiple-vote share structures are an effective mechanism to enable controlling shareholders to retain decision- making power in a company, while raising funds from the public. Multiple-vote share structures are a form of a control enhancement mechanism involving at least two distinct classes of shares with a different number of voting rights. Under such structures, at least one of the classes of shares has a lower voting valunumber of votes attached per share than another class (or classes) of shares with voting rights. The share carrying the superior amount of votes is a multiple-vote share.
Amendment 53 #
2022/0406(COD)
Proposal for a directive
Recital 7
Recital 7
(7) Member States should provide companies with the possibility to adopt multiple-vote share structures to allow them to seek admission to trading onregulated market, a SME growth market or any other MTF without their controlling shareholders having to relinquish control. While admission to trading on regulated markets is more suitable for larger and more mature companies, SME growth markets are generally more appropriate for SMEs. SME growth markets were originally designed as SME dedicated trading venues with a regulatory treatment that takes the particularities of SMEs into account. Not all companies with securities listed on SME growth markets are, however, SMEs. Directive 2014/65/EU of the European Parliament and of the Council39 requires that SMEs constitute at least 50 % of the issuers of financial instruments admitted to trading on SME growth markets. Companies other than SMEs generally have more liquid securities and hence their admission to SME growth markets enables those markets to generate higher trading fees to maintain profitability of their business model. Nevertheless, to ensure clarity for investors, all issuers on SME growth markets, irrespective of their size, are currently subject to the same rules. It is therefore appropriate that the introduction of the right to adopt multiple-vote share structures applies to all companies seeking admission of their shares on an SME growth market for the first time. __________________ 39 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (OJ L 173, 12.6.2014, p. 349).
Amendment 56 #
2022/0406(COD)
Proposal for a directive
Recital 8
Recital 8
(8) Member States should be able to introduce, or maintain in force, national provisions that allow companies to adopt these structures for purposes other than the first time admission to trading of shares on a SME growth marketregulated market, an SME growth market or any other MTF. That includes allowing companies to adopt multiple-vote shares when already admitted to trading, when seeking admission on a Multilateral Trading Facility that is not registered as SME growth market or on a regulated market, or ensuring that private companies can adopt multiple-vote shares, regardless of whether they intend to request admission to trading of their shares. This may also include cases whereby companies transfer from an SME growth market to a regulated market, while retaining multiple-vote shares.
Amendment 59 #
2022/0406(COD)
Proposal for a directive
Recital 9
Recital 9
(9) Companies may adopt multiple- vote share structures through a new issuance of shares or through another type of corporate transaction, such as the conversion of already issued shares. Companies should have the flexibility to choose the most appropriate type of corporate transaction to adopt multiple vote share structures in compliance with national law. Furthermore, companies should also have the flexibility as to the timing of the adoption of multiple-vote share structures, provided they do so to seek a first time admission of shares to trading on a SME growth market. Member States should not prevent companies from adopting multiple-vote share structures at a point prior to the moment of the admission of shares to trading. Member States should, however, be allowed to lay down that the exercise of the enhanced voting rights, which represent additional voting rights attached to multiple-vote shares compared to voting rights of shares of other classes, is conditional upon the admission to trading of shares on an regulated market, a SME growth market or any other MTF in one or more Member States. In that case and until the admission to trading, multiple- vote shares should have the same voting rights as other classes of shares in the company. That would ensure that multiple vote shares specifically promote a first- time admission to trading on SME growth markets.
Amendment 67 #
2022/0406(COD)
Proposal for a directive
Recital 11
Recital 11
(11) Member States that allow multiple- vote shares provide for safeguards to protect minority shareholders and the interests of the company. However, the existing safeguards vary between Member States due to national specificities and diverging company law systems. Having regard to the objectives of the internal market as set out in particular in Article 50(2), point (g) of the Treaty on the functioning of the European Union, Member States should ensure a coordinated approach in their national laws on multiple-vote share structures with respect to the protection of the interests of minority shareholders and of the company. This may includes, inter alia, protection against decisions creating risks for or resulting in adverse human rights, climate change, and environmental consequences. Under that coordinated approach, all Member States should ensure that any decision to adopt a multiple-vote share structure, or to modify that structure where there is an impact on voting rights, is taken by a qualified majority at the general shareholders’ meeting. In companies where there are several classes of shares, such qualified majority should be calculated on the basis of the total number of the votes cast and on the votes within each class of shares affected by the decision. Furthermore, Member States should limit the voting weight of multiple- vote shares by introducing restrictions either on the design of the multiple-vote share structure or on the exercise of voting rights attached to multiple-vote shares for the adoption of certain decisions. The restriction on the exercise of voting rights may be implemented by requiring that an approval by qualified majority necessitates both a qualified majority of the votes cast at the general meeting of shareholders and of the share capital represented at the general meeting of shareholders.
Amendment 77 #
2022/0406(COD)
Proposal for a directive
Article 1 – paragraph 1
Article 1 – paragraph 1
This Directive lays down common rules on multiple-vote share structures in companies that seek the admission to trading of their shares on an SME growth market regulated market, a SME growth market or any other Multilateral Trading Facility (MTF) in one or more Member States and that do not have shares already admitted to trading on any trading venue.
Amendment 82 #
2022/0406(COD)
Proposal for a directive
Article 2 – paragraph 1 – point b
Article 2 – paragraph 1 – point b
(b) ‘multiple-vote shares’ means shares belonging to a distinct and separate class and that carry a higher voting rightsnumber of votes per share than another class of shares with voting rights on matters to be decided at the general meeting of shareholders;
Amendment 83 #
2022/0406(COD)
Proposal for a directive
Article 2 – paragraph 1 – point f a (new)
Article 2 – paragraph 1 – point f a (new)
(f a) 'multilateral trading facility' means a multilateral trading facility as defined in Article 4(1), point (22), of Directive 2014/65/EU
Amendment 90 #
2022/0406(COD)
Proposal for a directive
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Member States shall ensure that companies that do not have shares that are admitted to trading on a trading venue have the right to adopt multiple-vote share structures for the admission to trading of shares on an regulated market, a SME growth market or any other MTF in one or more Member States. Member States shall not prevent the admission to trading of shares of a company on an regulated market, a SME growth market or any other MTF on the ground that the company has adopted a multiple-vote share structure.
Amendment 93 #
2022/0406(COD)
Proposal for a directive
Article 4 – paragraph 2
Article 4 – paragraph 2
2. The right referred to in paragraph 1 encompasses the right to adopt multiple- vote share structures in time prior to seeking the admission to trading of shares on an regulated market, a SME growth market or any other MTF.
Amendment 96 #
2022/0406(COD)
Proposal for a directive
Article 4 – paragraph 3
Article 4 – paragraph 3
3. Member States may make the exercise of the enhanced voting rights attached to the multiple-vote shares conditional upon the admission to trading of shares on an regulated market, a SME growth market or any other MTF in one or more Member States.
Amendment 105 #
2022/0406(COD)
Proposal for a directive
Article 5 – paragraph 1 – point a – subparagraph 2
Article 5 – paragraph 1 – point a – subparagraph 2
For the purposes of this point, where there are several classes of shares, such decisions shall also be subject to a separate vote forwithin each class of shareholders whose rightss the rights of which are affected;
Amendment 110 #
2022/0406(COD)
Proposal for a directive
Article 5 – paragraph 1 – point b – introductory part
Article 5 – paragraph 1 – point b – introductory part
(b) limit the voting weight ofimpact of the multiple- vote shares on the exercise of other shareholders’ rights, in particular duringdecision-making process at general meetings, by introducing eitherat least one of the following:
Amendment 114 #
2022/0406(COD)
Proposal for a directive
Article 5 – paragraph 1 – point b – point i
Article 5 – paragraph 1 – point b – point i
(i) a maximum weighted voting ratio and a requirement on the maximum percentage of the outstanding share capital that the total amount of multiple- vote shares can represents defined in Article 2 point (f);
Amendment 127 #
2022/0406(COD)
Proposal for a directive
Article 5 – paragraph 1 – point b – point ii
Article 5 – paragraph 1 – point b – point ii
(ii) a restriction on the exercise of the enhanced voting rights attached to multiple-vote shares for voting on matters to be decided at the general meeting of shareholders and that require the approval by a qualified majorityquirement that decisions by the general meeting subject to qualified majority, excluding appointment and dismissal of directors as well as operational decisions to be taken by directors and that are submitted to the general meeting for approval, are to be adopted by either: - a qualified majority, as specified in national law, both of the votes cast and either of the share capital represented at the meeting or of the number of shares represented at the meeting or; - a qualified majority, as specified in national law, of the votes cast, and are subject to a separate vote within each class of shares the rights of which are affected.
Amendment 139 #
2022/0406(COD)
Proposal for a directive
Article 5 – paragraph 2 – introductory part
Article 5 – paragraph 2 – introductory part
2. Member States may provide for further safeguards to ensure adequate protection of shareholders and of the interests of the company. Those safeguards may include in particular:
Amendment 145 #
2022/0406(COD)
Proposal for a directive
Article 5 – paragraph 2 – point a
Article 5 – paragraph 2 – point a
Amendment 153 #
2022/0406(COD)
Proposal for a directive
Article 5 – paragraph 2 – point b
Article 5 – paragraph 2 – point b
Amendment 155 #
2022/0406(COD)
Proposal for a directive
Article 5 – paragraph 2 – point c
Article 5 – paragraph 2 – point c
Amendment 165 #
2022/0406(COD)
Proposal for a directive
Article 5 – paragraph 2 – point d
Article 5 – paragraph 2 – point d
Amendment 169 #
2022/0406(COD)
Proposal for a directive
Article 6 – paragraph 1 – introductory part
Article 6 – paragraph 1 – introductory part
1. Member States shall ensure that companies with multiple-vote share structures whose shares are traded or are to be traded on an regulated market, a SME growth market or any other MTF make publicly available, in the [EU Growth issuance documentprospectus referred to in Article 15a]6 of Regulation (EU) 2017/1129 of the European Parliament and of the Council43 [or in the EU Growth issuance document referred to in Article 15a of that Regulation] or in the admission document referred to in Article 33(3), point (c), of Directive (EU) 2014/65/EU and in the company’s annual financial report referred to in Article 78(2), point (g), of Commission Delegated Regulation (EU) 2017/56544 , detailed information on all of the following: __________________ 43 Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (OJ L 168, 30.6.2017, p. 12) 44 Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 87, 31.3.2017, p. 1).
Amendment 171 #
2022/0406(COD)
Proposal for a directive
Article 6 – paragraph 1 – point a
Article 6 – paragraph 1 – point a
(a) the structure of their capital, including securities which are not admitted to trading on an SME growththe relevant market in a Member State, with an indication of the different classes of shares and, for each class of shares, the rights and obligations attached to that class and the percentage of total share capital and total voting rights that such class represents;
Amendment 175 #
2022/0406(COD)
Proposal for a directive
Article 6 – paragraph 1 – point e
Article 6 – paragraph 1 – point e
(e) the identity of the, if known to the company, of shareholders holding multiple-vote shares representing more than 5 % of the voting rights of all shares in the company, and of the natural persons or legal entityies entitled to exercise voting rights on behalf of such shareholders, where applicable.
Amendment 13 #
2022/0405(COD)
Proposal for a directive
Recital 3
Recital 3
(3) The provisions concerning research laid down in Directive 2014/65/EU require investment firms to separate payments which they receive as brokerage commissions from the compensation perceived for providing investment research (‘research unbundling rules’), or to pay for investment research from their own resources and assess the quality of the research they purchase based on robust quality criteria and the ability of such research to contribute to better investment decisions. While the unbundling rules have created more transparency on the costs of research and allowed for a better management of conflicts of interest, they have had a negative impact on the EU’s investment research ecosystem and, particularly, on the research coverage of small and medium capitalization companies. In 2021, those rules have been amended by Directive (EU) 2021/338 of the European Parliament and of the Council31 to allow for bundled payments for execution services and research for small and medium capitalisation companies below a market capitalisation of EUR 1 billion. The decline of investment research has, however, not slowed down. __________________ 31 Directive (EU) 2021/338 of the European Parliament and of the Council of 16 February 2021 amending Directive 2014/65/EU as regards information requirements, product governance and position limits, and Directives 2013/36/EU and (EU) 2019/878 as regards their application to investment firms, to help the recovery from the COVID-19 crisis (OJ L 68, 26.2.2021, p. 14).
Amendment 16 #
2022/0405(COD)
Proposal for a directive
Recital 4
Recital 4
(4) In order to revitalise the market for investment research and to ensure sufficient research coverage of companies, in particular the small and medium capitalisation companies, further alleviation of the research unbundling rules are necessary. By increasing from EUR 1 unbundling rules should be further adjusted. Investment firms should have more flexibillionty to EUR 10 billion the threshold of companies’ market capitalisation below which the unbundling rules do not apply, more small and medium capitalisation companies, and in particular more medium capitalisation companies will benefit from a larger research coverage, bringing those companies mochoose the way in which they wish to organise the payments of execution services and research. This would however require to maintain a level of transparency vis-a-vis the client as to the payment choice made by the investment firms. Investment firms should inform their clients whether they apply a separate or joint payment for the execution services and the provision of third party research. Appropriate information to the clients should be ensured visibility from potential investors and thus increasing their capacity to raise funding in the markea the recording by the firm of the charges attributable to research and execution services and also via the provision of an annual report on those payments to the clients.
Amendment 17 #
2022/0405(COD)
Proposal for a directive
Recital 4 a (new)
Recital 4 a (new)
(4 a) The adjustment of unbundling rules alone will not suffice to revitalize the market of research investment and address the longstanding shortage of research coverage of small and medium capitalization companies. The measures introduced in this directive should not undermine the progress made in terms of price transparency, reduction of conflicts of interest and other regulatory objectives of MiFID II. Further measures should be introduced to improve the coverage of SMEs and the promotion of independent research in the market.
Amendment 26 #
2022/0405(COD)
Proposal for a directive
Recital 11
Recital 11
(11) To enhance the visibility of listed companies, in particular SMEs and to adapt the listing conditions to improve requirements for issuers, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of amending Directive 2014/65/EU. The market capitalisation threshold for companies, for which the re-bundling of trading execution and research fees would be possible, to capture small and medium capitalisation companies, and providing a framework for the development of a particular form of research for which the issuer pays should be adapted should be removed while introducing safeguards to maintain a level of transparency regarding the costs associated to research. The adaption of the listing rules in the Union should also reflect market practice for it to be effective and promote competition. It is of particular importance that the Commission carry out appropriate consultations during its preparatory work, including at expert level, and that those consultations be conducted in accordance with the principles laid down in the Interinstitutional Agreement of 13 April 2016 on Better Law-Making39 . In particular, to ensure equal participation in the preparation of delegated acts, the European Parliament and the Council receive all documents at the same time as Member States' experts, and their experts systematically have access to meetings of Commission expert groups dealing with the preparation of delegated acts. __________________ 39 OJ L 123, 12.5.2016, p. 1.
Amendment 27 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a
Article 1 – paragraph 1 – point 2 – point a
Directive 2014/65/EU
Article 24 – paragraph 3 a
Article 24 – paragraph 3 a
3a. research provided by third parties toused or distributed to clients or potential clients by investment firms providing portfolio management or other investment or ancillary services and research prepared and distributed by suchthat has been produced by these firms, or produced by third parties and provided to these firms, shall be fair, clear and not misleading. Research shall be clearly identifiable as such or in similar terms, provided that all conditions applicable to the research are met.
Amendment 34 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point a
Article 1 – paragraph 1 – point 2 – point a
Directive 2014/65/EU
Article 24 – paragraph 3 d
Article 24 – paragraph 3 d
3d. Research that is labelled as issuer- sponsored research shall indicate on its front page in a clear and prominent way that it has been prepared in accordance with athe EU code of conduct. The name of the market operator or competent authority that has developed or endorsed such code of conduct shall also be mentioned referred to in paragraph 3b. Any other research material paid fully or in part by the issuer but not produced in compliance with a code of conduct as referred to in paragraph 3b shall be labelled as marketing communication.;
Amendment 39 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/65/EU
Article 24 – paragraph 9 a – point c
Article 24 – paragraph 9 a – point c
Amendment 42 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b – introductory part
Article 1 – paragraph 1 – point 2 – point b – introductory part
Directive 2014/65/EU
Article 24 – paragraph 9 a
Article 24 – paragraph 9 a
(b) in paragraph 9a, point (c) is replaced by the is amended as followings:
Amendment 44 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/65/EU
Article 24 – paragraph 9 a – subparagraph 1
Article 24 – paragraph 9 a – subparagraph 1
Amendment 46 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 2 – point b
Article 1 – paragraph 1 – point 2 – point b
Directive 2014/65/EU
Article 24 – paragraph 9 a – subparagraph 4 (new)
Article 24 – paragraph 9 a – subparagraph 4 (new)
(b) the following subparagraph is added: Investment firms shall keep a record of separate payments and gather information distinguishing the part of combined charges or joint payments for execution services and research that is attributable to research provided to such firms. Investment firms shall inform its clients annually, in an aggregated form, of the annual expenditure on research of the investment firm that is attributable to the client.
Amendment 56 #
2022/0405(COD)
Proposal for a directive
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Directive 2014/65/EU
Article 51 a – paragraph 4
Article 51 a – paragraph 4
4. Member States shall require that regulated markets ensure that at any time at least 10% of the subscribed capital represented by the class of shares concerned by the application for admission to trading is held by the public at the time of the admission.
Amendment 56 #
2022/0212(BUD)
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7 a. Recalls that financial means will be needed beyond the EU budget 2023 to tackle appropriately the energy crisis in the EU; recalls that, to this end, RepowerEU shall provide additional EU financial support, therefore urges to accelerate the negotiations on RepowerEU and increase its funds in order to swiftly increase the EU energy independence through strategic investments, while supporting SMEs and vulnerable households.
Amendment 34 #
2022/0164(COD)
Proposal for a regulation
Recital 2
Recital 2
(2) Due to the direct links between a sustainable recovery, building the Union’s resilience and the Union’s energy security, and its role for a just and inclusive transition, the Recovery and Resilience Facility is a well-suited instrument to contribute to the Union’s response to these newly emerging challenges. , while ensuring compliance with Union´s legislation1a and with existing international commitments, including those stemming from the Aarhus and Bern conventions. __________________ 1a Council Directive 92/43/EEC, Directive 2009/147/EC, Directive 2000/60/EC, Regulation (EC) No 1367/2006, Regulation (EU) 2021/1767 and Proposal for a Regulation of the European Parliament and of the Council on nature restoration
Amendment 37 #
2022/0164(COD)
Proposal for a regulation
Recital 3
Recital 3
(3) The Versailles Declaration of 10-11 March 2022 of the Heads of States and Governments invited the Commission to propose by the end of May a REPowerEU plan to phase out the dependency on Russian fossil fuel imports, which was subsequently reiterated in the European Council Conclusions of 24-25 March 2022. This should be done well before 2030 in a way that is consistent with the EU’s Green Deal and the climate objectives for 2030 and 2050 enshrined in the European Climate Law. Regulation (EU) 2021/241 should therefore be amended to enhance its ability to support reforms and investments dedicated to diversifying energy supplies, in particular fossil fuels, nuclear and LNG, thereby strengthening the strategic autonomy of the Union alongside an open economy. Support should also be given to reforms and investments increasing the energy efficiency of the Member States’ economies and increasing the use of renewable energy, including hydrogen. Furthermore, in its Versailles Declaration of 10-11 March 2022, the European Council called for reducing EU strategic dependencies and invited, inter alia, the Commission to present options to address rising food prices and the issue of global food security as soon as possible.
Amendment 55 #
2022/0164(COD)
Proposal for a regulation
Recital 6
Recital 6
(6) The REPowerEU chapter should include new reforms and investments contributing to the REPowerEU aims and tackle, in a comprehensive manner, the crisis effects determined by the Russian military aggression against Ukraine. Furthermore, that chapter should contain an outline of other measures, financed from sources other than the Recovery and Resilience Facility, contributing to the energy-related objectives outlined in recital (3). The outline should cover measures whose implementation should take place between 1 February 2022 to 31 December 2026, the period during which the objectives set by this Regulation are to be achieved. As regards natural gas infrastructure, the investments and reforms of the REPowerEU chapters to diversify supply away from Russia should build on the needs currently identified through the assessment conducted and agreed by the European Network of Transmission System Operators for Gas (ENTSOG), established in the spirit of solidarity as regards security of supply and take into account the reinforced preparedness measures taken to adapt to new geopolitical threats. Finally, the REPowerEU chapters should provide an explanation and a quantification of the effects of the combination of the reforms and investments financed by the Recovery and Resilience Facility and the other measures financed by other sources than the Recovery and Resilience Facility.
Amendment 60 #
2022/0164(COD)
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6 a) In order to provide adequate and rapid response, Member States are encouraged to use all available funds to provide immediate and temporary support to SMEs and households for micro investments in energy efficiency improvements and in renewable energy self-generation, via vouchers or tax credits.
Amendment 62 #
2022/0164(COD)
Proposal for a regulation
Recital 6 b (new)
Recital 6 b (new)
(6 b) The REPowerEU chapter should equally represent an opportunity for the Member States to develop cross-border projects that accelerate the shift to renewables and that accelerate intra-EU pipeline expansions to fully utilise existing and future LNG regasification capacities to diversify natural gas supplies.
Amendment 64 #
2022/0164(COD)
Proposal for a regulation
Recital 8 a (new)
Recital 8 a (new)
(8 a) In light of the current energy crisis, where high energy prices are aggravating the impact of the COVID-19 crisis, by further increasing the financial burden of consumers, in particular for households with low income or vulnerable companies, the REPowerEU chapters should include measures to help structurally address situations of energy poverty, through long-lasting investments and reforms. Such reforms and investments should provide a higher level of financial support in energy efficiency schemes, clean energy policies and schemes to reduce energy demand for those households and companies facing severe difficulties due to high energy bills. Energy demand-reduction measures taken by Member States should take into account the principles set by the Council Regulations on energy demand-reduction measures.
Amendment 76 #
2022/0164(COD)
Proposal for a regulation
Recital 12 a (new)
Recital 12 a (new)
(12 a) Member States are encouraged to complement and accompany the measures in the REPowerEU chapter with additional measures in line with the objectives of the chapter; in order to achieve them, Member States are encouraged to use additional Union funding, in particular the Innovation Fund, the Modernisation Fund, InvestEU and all remaining funds under the 2014- 2020 programming period; information on existing or planned Union financing should be included in the chapter.
Amendment 85 #
2022/0164(COD)
Proposal for a regulation
Recital 13 a (new)
Recital 13 a (new)
(13 a) At least 60% of the funds included under the REPowerEU chapter should be used for cross-border or multi-country projects. The Commission should conduct a supra-national assessment of the needs to secure energy supply in the Union as a whole, prior to the approval of the amended recovery and resilience plans that now include the REPowerEU chapters. On the basis of this supra- national energy security needs assessment, certain Member States may be granted an exception to this minimum requirement, taking also into account that the allocated amount should be commensurate with the specific challenges of the Member State and its geographical position. Close cooperation between the Commission and the Member States should be sought and achieved throughout the process. Moreover, Member States are encouraged to co- operate among themselves as early as possible with a view to developing cross- border or multi-country projects to be included in the REPowerEU chapters.
Amendment 108 #
2022/0164(COD)
Proposal for a regulation
Recital 17 a (new)
Recital 17 a (new)
(17 a) The EU Emission Trading System (ETS) was established to create an efficient, predictable and market driven system for reducing emissions and tackling the climate crises. While the amendment to Directive 2003/87/EC is justified by an exceptional situation, it remains important not to undermine trust in the ETS market through short-term interventions, and this amendment should therefore be seen as a one-off measure, which will not be repeated.
Amendment 109 #
2022/0164(COD)
Proposal for a regulation
Recital 18
Recital 18
(18) Regulation (EU) 2021/2115 of the European Parliament and of the Council7 should also be amended to allow for a possibility to deliver up to 12.5% of the European Agricultural Fund for Rural Development through the Recovery and Resilience Facility. Such method of delivery is justified by complementarity and synergies between these instruments with regard to the objectives of reducing the use of synthetic fertilisers, synthetic plant protection products, or increasing production of sustainable biomethane or renewable energy, in accordance with the objectives of the Common Agricultural Policy set out in Article 39 of TFEU and the cascading use principle which maximizes resource effectiveness. The delivery via the Recovery and Resilience Facility should accelerate the disbursement of funds to beneficiaries from the agricultural sector which is vital considering the urgency of the energy- related objectives. __________________ 7 Regulation (EU) 2021/2115 of the European Parliament and of the Council of 2 December 2021 establishing rules on support for strategic plans to be drawn up by Member States under the common agricultural policy (CAP Strategic Plans) and financed by the European Agricultural Guarantee Fund (EAGF) and by the European Agricultural Fund for Rural Development (EAFRD) and repealing Regulations (EU) No 1305/2013 and (EU) No 1307/2013 (OJ L 435, 6.12.2021, p. 1).
Amendment 128 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 1
Article 1 – paragraph 1 – point 1
Regulation (EU) 2021/241
Article 4 – paragraph 1
Article 4 – paragraph 1
1. In line with the six pillars referred in Article 3 of this Regulation, the coherence and synergies they generate, and in the context of the COVID-19 crisis, the general objective of the Facility shall be to promote the Union’s economic, social and territorial cohesion by improving the resilience, crisis preparedness, adjustment capacity and growth potential of the Member States, by mitigating the social and economic impact of that crisis, in particular on women, by contributing to the implementation of the European Pillar of Social Rights, by supporting the green transition, by contributing to the achievement of the Union’s 2030 climate targets set out in point (11) of Article 2 of Regulation (EU) 2018/1999,and by complying with the objective of EU climate neutrality by 2050 and of the digital transition, by increasing the resilience of the Union energy system through a decrease of dependence on fossil fuels and an increase of the use of renewable energy, an increase of energy efficiency and diversification of energy supplies at Union level (‘REPowerEU objectives’) thereby contributing to the upward economic and social convergence, restoring and promoting sustainable growth and the integration of the economies of the Union, fostering high quality employment creation, and contributing to the strategic autonomy of the Union alongside an open economy and generating European added value.
Amendment 142 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 2 a (new)
Article 1 – paragraph 1 – point 2 a (new)
Regulation (EU) 2021/241
Article 18 – paragraph 4 – point h
Article 18 – paragraph 4 – point h
(2 a) In Article 18 (4), paragraph 4 point(h) is replaced by the following: (h) an indication of whether the measures included in the recovery and resilience plan comprise cross-border or multi-country projects; with respect to the REPowerEU chapter, a confirmation that 60% of the total funds to be used have cross-border or multi-country dimension or effects, with an explanation of how the cross- border and/or multi-country projects included in the chapter contribute to the objectives outlined in Article 21c(1); the Commission may grant an exception from complying with this requirement on the basis of the supra-national energy security needs assessment referred to in Article 21ca;
Amendment 152 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
(4) In Article 19(3), the following point iss are inserted:
Amendment 155 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) 2021/241
Article 19 – paragraph 3 – point da
Article 19 – paragraph 3 – point da
(da) whether the reforms and investments referred to in Article 21c(1) effectively contribute towards the diversification of the Union’s energy supply or reduction of dependence on fossil fuels before 2030. or an increase of the use of renewable energy or an increase of energy efficiency;
Amendment 157 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) 2021/241
Article 19 – paragraph 3 – point da a (new)
Article 19 – paragraph 3 – point da a (new)
(da a) whether 60% of the total funds to be used under the chapter have cross- border or multi-country dimension or effects contributing to the objectives of Article 21c(1), taking into account the supra-national energy security needs assessment referred to in Article 21ca;
Amendment 168 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 a (new)
Article 1 – paragraph 1 – point 4 a (new)
Regulation (EU) 2021/241
Article 22 – paragraph 2 – point d
Article 22 – paragraph 2 – point d
(4 a) In Article 22, paragraph 2, point (d), is amended as follows: (d) for the purpose of audit and control and to provide for comparable information on the use of funds in relation to measures for the implementation of reforms and investment projects under the recovery and resilience plan, to collect, in and ensure access tolectronic format into a single database, the following standardised categories of data:
Amendment 169 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 4 b (new)
Article 1 – paragraph 1 – point 4 b (new)
Regulation (EU) 2021/241
Article 22 – paragraph 4
Article 22 – paragraph 4
(4 b) In Article 22, paragraph 4 is replaced by: 4. The Commission shall make available to the Member States an integrated and interoperable information and monitoring system including a single data-mining and risk-scoring tool to access and analyse the relevant data, with a view to a generalised application by Member States of that system including with support of the Technical Support Instrumentas referred to in paragraph 3 (d).
Amendment 171 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 5 a (new)
Article 1 – paragraph 1 – point 5 a (new)
Regulation (EU) 2021/241
Article 31 – point 4 a (new)
Article 31 – point 4 a (new)
(5 a) In Article 31, the following paragraph is inserted: 4 a. The Commission shall also provide in the annual report a set of recommendations for each Member State to accelerate the investments included in the respective recovery and resilience plans, after assessing the data available on final beneficiaries, and referring to best practices from other Member States.
Amendment 202 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21b – paragraph 1
Article 21b – paragraph 1
(1) Resources allocated to Member States under shared management may, at their request, be transferred or allocated to the Facility, including from the Innovation Fund, Modernisation Fund, Just Transition Fund, as well as all remaining resources under the 2014-2020 MFF programming period, subject to the conditions set out in Article 26a of Regulation (EU) 2021/1060 and Article 81a of Regulation (EU) 2021/2115. Those resources shall be used exclusively for the benefit of the Member State concerned.
Amendment 207 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21b – paragraph 1– point b
Article 21b – paragraph 1– point b
(b) Resources allocated under Article 81a of Regulation (EU) 2021/2115 shall support measures in Article 21c(1)(b) of this Regulation for farm investments for the benefit of farmers or groups of farmers, in particular to contribute reducing the use of synthetic fertilisers, synthetic plant protection products, increasing production of renewable energy and sustainable biomethane, and boosting energy efficiency.
Amendment 210 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21b – paragraph 2
Article 21b – paragraph 2
(2) Payments shall be made in accordance with Article 24 of this Regulation and subject to available funding. Payments of financial contributions stemming from the resources allocated according to Article 21a shall be made by 21 December 2027.
Amendment 212 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21ba (new)
Article 21ba (new)
Article 21 ba Calculation of maximum financial contribution The methodology for the calculation of the maximum financial contribution per Member State for the REPowerEU chapter under the Facility shall be described in Annex I and further explained in Annex II. The method takes into account, with regard to each Member State: — the population; — the inverse of the GDP per capita; — share of fossil fuels or the share of gas out of the gross available energy — the fall in real GDP in 2020 and the fall in real GDP in 2020 and 2021 combined.
Amendment 227 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21c – paragraph 1 – point b
Article 21c – paragraph 1 – point b
(b) boosting energy efficiency in buildings, decarbonising industry, increasing production and uptake of LNG, nuclear, sustainable biomethane and renewable or fossil-free hydrogen and increasing the share of renewable energy,
Amendment 230 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21c – paragraph 1 – point b a (new)
Article 21c – paragraph 1 – point b a (new)
(b a) providing immediate and temporary support to households and SMEs for micro investments in energy efficiency improvements and in renewable energy self-generation, via vouchers or tax credits.
Amendment 231 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21c – paragraph 1 – point b a (new)
Article 21c – paragraph 1 – point b a (new)
(b a) accelerating intra-EU pipeline expansions to fully utilise existing and future LNG regasification capacities to diversify natural gas supplies;
Amendment 232 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21c – paragraph 1 – point b b (new)
Article 21c – paragraph 1 – point b b (new)
(b b) further development of cross- border projects that accelerate the shift to renewables, including through solar energy projects;
Amendment 239 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21c – paragraph 1 – point d
Article 21c – paragraph 1 – point d
(d) supporting the objectives in points (a), (b) and (c) through an accelerated requalification of the workforce towards green skills, and increasing the capacity of authorities to evaluate applications for permits, as well as support of the value chains in key materials and technologies linked to the green transition.
Amendment 240 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21c – paragraph 1 – point da (new)
Article 21c – paragraph 1 – point da (new)
(d a) addressing energy poverty and incentivising reduction of energy demand.
Amendment 253 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21c – paragraph 2 – point c a (new)
Article 21c – paragraph 2 – point c a (new)
(c a) information on existing or planned Union financing on complementary or accompanying measures in line with the objectives of this chapter;
Amendment 258 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21c – paragraph 3
Article 21c – paragraph 3
(3) The estimated costs of the reforms and investments of the REPowerEU chapter under paragraph 1 shall not be taken into account for the calculation of the plan’s total allocation under Article 18(4), point (f) and Article 19(3), point (f). A 60% of the funds to be used under the REPowerEU chapter shall have a cross- border or multi-country dimension or effect and shall contribute to the objectives outlined in Article 21c(1), except when the Member State concerned is granted an exception from this minimum requirement in the supra- national energy security needs assessment referred to in Article 21ca.
Amendment 271 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21ca (new)
Article 21ca (new)
Amendment 275 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21d – paragraph 2 a (new)
Article 21d – paragraph 2 a (new)
(2 a) The Commission shall also provide in the REPowerEU chapter of the annual report mentioned in paragraph (2) a set of recommendations for each Member State to accelerate the investments committed in their national recovery and resilience plans, after assessing the data available on final beneficiaries, and referring to best practices from other Member States.
Amendment 279 #
2022/0164(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2021/241
Article 21d – paragraph 2b (new)
Article 21d – paragraph 2b (new)
(2 b) The Commission shall make use of the data collected in accordance with Article 22 paragraph 2, in particular in order to provide comparable information on the use of funds in relation to measures for the implementation of reforms and investment projects under the REPowerEU chapter.
Amendment 285 #
2022/0164(COD)
Proposal for a regulation
Article 4 – paragraph 1
Article 4 – paragraph 1
Directive 2003/87/EC
Article 10e – paragraph 1
Article 10e – paragraph 1
(1) For the period until 31 December 2026, the allowances released pursuant to Article 1(6) of Decision (EU) 2015/1814an amount of allowances from the total quantity of allowances shall be auctioned until the amount of revenue obtained from such auctioning has reached EUR 20 billion. This revenue shall be made available to the Recovery and Resilience Facility established by Regulation (EU) 2021/241 and shall be implemented in accordance with the provisions of that Regulation. These allowances shall be taken in equal shares from the quantity to be auctioned in accordance with the second subparagraph of Article 10 and the quantity that would otherwise be allocated free of charge.
Amendment 290 #
2022/0164(COD)
Proposal for a regulation
Article 5 – paragraph 1
Article 5 – paragraph 1
Decision (EU) 2015/1814
Article 1
Article 1
Amendment 303 #
2022/0164(COD)
Proposal for a regulation
Annex I – paragraph 1 – point a
Annex I – paragraph 1 – point a
Regulation (EU) 2021/241
Annex V – section 2 – point 2.12 – indent 4
Annex V – section 2 – point 2.12 – indent 4
— the implementation of the envisaged measures is expected to significantly contribute to supporting a requalification of the workforce towards green skills, as well as supporting value chains in key materials and technologies linked to the green transition, and to increase the capacity of authorities to evaluate applications for permits,
Amendment 113 #
2022/0162(COD)
Proposal for a regulation
Recital 28
Recital 28
(28) In accordance with the principle of transparency enshrined in Article 15 of the Treaty on the Functioning of the European Union (TFEU), Union institutions and Member States when implementing the EU budget are to conduct their work as openly as possible. With regard to budget implementation, the application of that principle implies that citizens as beneficiaries of and contributors to the budget should know where, and for what purpose, funds are spent by the Union. Such information fosters democratic debate, encourages the citizens' identification with and sense of community within the Union, contributes to the participation of citizens in the Union’s decision-making process, reinforces institutional control and scrutiny over Union expenditure, and contributes to boosting its credibility. Furthermore it boosts the visibility for EU policies, investments and the European Added Values. Communication should be more targeted and should aim to increase the visibility of the Union contribution for citizens. Such objectives should be achieved by the publication, preferably using modern communication tools, of relevant information concerning all funding opportunities, such as call for tenders etc. in all forms of management on a dedicated website and of relevant information concerning all recipients of funds financed from the budget which takes into account those recipients’ legitimate interests of confidentiality and security and, as far as natural persons are concerned, their right to privacy and the protection of their personal data. Union institutions should therefore adopt a selective approach in the publication of information, in accordance with the principle of proportionality. Decisions to publish should be based on relevant criteria in order to provide meaningful information.
Amendment 115 #
2022/0162(COD)
Proposal for a regulation
Recital 29 a (new)
Recital 29 a (new)
(29 a) In order to reduce administrative burden, the Commisson should take the information on recipients of Union funds to be published on a dedicated website from the single integrated IT system for data-mining and risk-scoring. Therefore, data to be recorded in the IT system for data-mining and risk-scoring should include and be aligned with the data to be published. As a result, persons and entities implementing Union funds will not need to transmit the same data more than once.
Amendment 119 #
2022/0162(COD)
Proposal for a regulation
Recital 43
Recital 43
(43) In view of the increased volume of borrowing and lending operations carried out by the Commission on behalf of the Union to finance the recovery from the COVID-19 pandemic, transparency regarding those operations should be further enhanced. To address the increased complexity of those operations and in order to ensure better visibility of their content, a comprehensive overview of borrowing and lending operations carried out by the Commission should be added to the document annexed to the section of the budget relating to the Commission, including as a minimum detailed information on maturities, schedule of payments, interest due and the role of own resources in the repayment of the debt, should be added to the document annexed to the section of the budget relating to the Commission. That document should lay down the underlying data and the methodology used by the Commission to estimate the interest due, including through comprehensive graphs and figures.
Amendment 124 #
2022/0162(COD)
Proposal for a regulation
Recital 194 a (new)
Recital 194 a (new)
(194 a)By introducing a new category of a very low value grant of an amount of up to EUR 10 000, the lessons learned from providing small-scale support during the pandemic to small and medium-sized enterprises and individual applicants should be implemented. The new category would create efficiencies for the implementing partners and the Commission, while reducing bureaucracy for applicants
Amendment 137 #
2022/0162(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 48
Article 2 – paragraph 1 – point 48
(48) ‘non-governmental organisation’ means a voluntary, independent from government, non-profit organisation, which is not a political party or a trade union which is organized either on a local, national, European or international level to address issues in support of the public good;
Amendment 142 #
2022/0162(COD)
Proposal for a regulation
Article 2 – paragraph 1 – point 73 a (new)
Article 2 – paragraph 1 – point 73 a (new)
Regulation 2018/1046
Article 2 – after (68)
Article 2 – after (68)
(73 a) 'very low value grant’ means a grant lower than or equal to EUR 10 000;
Amendment 147 #
2022/0162(COD)
Proposal for a regulation
Article 6 – paragraph 2 a (new)
Article 6 – paragraph 2 a (new)
2 a. Member States and the Commission shall ensure respect for fundamental rights including equality between women and men, non- discrimination, and compliance with the Charter of Fundamental Rights of the European Union in the implementation of the EU budget.
Amendment 154 #
2022/0162(COD)
Proposal for a regulation
Article 21 – paragraph 5
Article 21 – paragraph 5
5. A basic act may assign the revenue for which it providesThe European Parliament and the Council, acting in accordance with the ordinary legislative procedure, may assign the revenue provided for a basic act to specific items of expenditure. Unless otherwise specified in the basic act, such revenue shall constitute internal assigned revenue.
Amendment 155 #
2022/0162(COD)
Proposal for a regulation
Article 22 – paragraph 1 – subparagraph 1 – point c
Article 22 – paragraph 1 – subparagraph 1 – point c
(c) ain attachedthe statement of expenditure, an annex, forming an integral part of the budget, setting out all the budget lines for which internal or external assigned revenue is foreseen and providing information on the estimated amount of such revenue to be received; for each budget line, that information shall be broken down into the specific categories of assigned revenue referred to in Article 21(2), (3) and (5), including a justification for the choice of the foreseen category.
Amendment 156 #
2022/0162(COD)
Proposal for a regulation
Article 22 – paragraph 2 – subparagraph 1 – point c a (new)
Article 22 – paragraph 2 – subparagraph 1 – point c a (new)
(c a) in the case provided for in Article 21(5), commitment and payment appropriations shall be made available in the context of the budgetary procedure where external assigned revenue comes from specific additional financial contributions from Member States, including voluntary contributions, to Union programmes, instruments and activities.
Amendment 167 #
2022/0162(COD)
Proposal for a regulation
Article 33 – paragraph 2 – point d a (new)
Article 33 – paragraph 2 – point d a (new)
(d a) programmes and activities shall be implemented to achieve their set objectives respecting applicable working and employment conditions under relevant collective agreements, national and Union law.
Amendment 174 #
2022/0162(COD)
Proposal for a regulation
Article 36 – paragraph 6 – point a
Article 36 – paragraph 6 – point a
(a) the recipient’s full legal name in the case of legal persons, the first and last name in the case of natural persons, and their VAT identification number or tax identification number where available or another unique identifier at country level and the amount of funding. If a natural person, also the date of birth;
Amendment 175 #
2022/0162(COD)
Proposal for a regulation
Article 36 – paragraph 6 – point a a (new)
Article 36 – paragraph 6 – point a a (new)
(a a) the amount of funding committed and, in case of a commitment with multiple recipients, the breakdown of this amount per recipient where available.
Amendment 176 #
2022/0162(COD)
Proposal for a regulation
Article 36 – paragraph 6 – point a b (new)
Article 36 – paragraph 6 – point a b (new)
(a b) the locality of the recipient, namely: (i) the address of the recipient when the recipient is a legal person; (ii) the region on NUTS 2 level when the recipient is a natural person and is domiciled in the European Union or the country when the recipient is a natural person and is not domiciled in the European Union;
Amendment 177 #
2022/0162(COD)
Proposal for a regulation
Article 36 – paragraph 6 – point a c (new)
Article 36 – paragraph 6 – point a c (new)
(a c) the nature and purpose of the measure;
Amendment 180 #
2022/0162(COD)
Proposal for a regulation
Article 36 – paragraph 6 – point b a (new)
Article 36 – paragraph 6 – point b a (new)
(b a) the first name(s), last name(s) and date of birth of the natural person(s) who hold the position of senior managing official(s), where no person has been identified as the beneficial owner;
Amendment 181 #
2022/0162(COD)
Proposal for a regulation
Article 36 – paragraph 7 – subparagraph 2
Article 36 – paragraph 7 – subparagraph 2
The use of and access to the data processed by the single integrated IT system for data- mining and risk-scoring referred to in paragraph 2 of this Article shall comply with applicable data protection rules and shall be limited to the Commission or a. The Commission, OLAF, the Court of Auditors, EPPO and other Union investigative and control bodies shall have unlimited, direct and real time access to the data to exercise their respective competences. The following entities shall use the system and have access only to the relevant data for exercising their competences and complying with the obligations imposed by this Regulation: (a) An executive agency as referred to in Article 69, t; (b) The Member States implementing the budget pursuant to Article 62(1), first subparagraph, point (b), t; (c) The Member States that receive and implement Union funds pursuant to budget implementation under Article 62(1), first subparagraph, point (a), t; (d) The persons or entities implementing the budget pursuant to Article 62(1), first subparagraph, point (c), OLAF, the Court of Auditors, EPPO and other Union investigative and control bodies, within the exercise of their respective competences.
Amendment 183 #
2022/0162(COD)
Proposal for a regulation
Article 36 – paragraph 7 a (new)
Article 36 – paragraph 7 a (new)
7 a. For the purposes of point (d) of paragraph 2, Article 145(2) and Article 148, and in addition to any applicable sector-specific rule, Member States implementing the budget under point (b), first subparagraph, Article 62(1), shall transmit to the Commission information through the Irregularity Management System on facts and findings established in the context of final judgments or final administrative decisions, as well as facts established in the context of audits or investigations carried out by the EPPO, the Court of Auditors, OLAF or any check, audit, control performed under the responsibility of the Commission, as to the presence of the exclusion situations referred to in Article 139(1). For the same purposes, Member States shall transmit all other complementary information requested by the Commission.
Amendment 184 #
2022/0162(COD)
Proposal for a regulation
Article 36 – paragraph 8 – subparagraph 1 (new)
Article 36 – paragraph 8 – subparagraph 1 (new)
For the purposes of point (d) of paragraph 2, Article 145(2) and Article 148 [and in addition to any applicable sector-specific rule], Member States that receive and implement Union funds, pursuant to budget implementation under point (a), first subparagraph, Article 62(1), shall transmit information through the Irregularity Management System on facts and findings established in the context of final judgments or final administrative decisions, as well as facts established in the context of audits or investigations carried out by the EPPO, the Court of Auditors, OLAF or any check, audit, control performed under the responsibility of the Commission, as to the presence of the exclusion situations referred to in Article 139(1). For the same purposes, Member States shall transmit all other complementary information requested by the Commission.
Amendment 185 #
2022/0162(COD)
Proposal for a regulation
Article 36 – paragraph 9
Article 36 – paragraph 9
9. For the purposes of the application of the requirements of paragraphs 2, 3 and 6 of this Article by Member States implementing the budget under Article 62(1), first subparagraph, point (b), references to recipients shall be understood as references to beneficiaries as defined in sector-specific rulin Article 2, paragraph 1, point 58 of this Regulation and shall also include sub-beneficiaries, subcontractors and sub-entities or subsidiaries receiving prizes.
Amendment 187 #
2022/0162(COD)
Proposal for a regulation
Article 36 – paragraph 10 a (new)
Article 36 – paragraph 10 a (new)
10 a. The system referred to in paragraph 2 of this Article, shall provide an indicator of whether an entity or a person applying for, selected or receiving Union funds, has been excluded pursuant to Article 139. Persons and entities involved in budget implementation shall check that risk indicator before awarding EU funds to comply with the obligation set in Article 145 (5) of this Regulation.
Amendment 189 #
2022/0162(COD)
Proposal for a regulation
Article 36 – paragraph 10 b (new)
Article 36 – paragraph 10 b (new)
10 b. Managing authorities shall record the data into the system referred to in paragraph 2 of this Article before awarding Union funds. Failing to comply with this obligation would be considered as a serious deficiency in the meaning of Articles 96 and 97 of Regulation (EU) 2021/1060.
Amendment 190 #
2022/0162(COD)
Proposal for a regulation
Article 36 – paragraph 10 c (new)
Article 36 – paragraph 10 c (new)
Amendment 191 #
2022/0162(COD)
Proposal for a regulation
Article 38 – paragraph 1 – subparagraph 2
Article 38 – paragraph 1 – subparagraph 2
Where the budget is implemented in accordance with Article 62(1), first subparagraph, points (b) and (c), and with Member States in accordance to Article 62(1), first subparagraph, point (a), the Commission shall make available on its website information on recipients no later than 30 June of the year following the financial year in which the contract or agreement setting out the conditions of support was established. Where the budget is implemented in accordance with Article 62(1), first subparagraph, point (b), references in this Article to recipients shall be understood as references to beneficiaries as defined in sector-specific rulin Article 2, paragraph 1, point 58 of this Regulation and shall also include sub-beneficiaries, subcontractors and sub-entities or subsidiaries receiving prizes.
Amendment 192 #
2022/0162(COD)
Proposal for a regulation
Article 38 – paragraph 2 – introductory part
Article 38 – paragraph 2 – introductory part
2. Save in the cases referred to in paragraph 3 , the following information shall be published in an open, interoperable and machine-readable format, which allows data to be sorted, searched, extracted, compared, and reused and downloaded in individual datasets or complete database as a bulk download, having due regard for the requirements of confidentiality and security, in particular the protection of personal data:
Amendment 204 #
2022/0162(COD)
Proposal for a regulation
Article 38 – paragraph 3 – subparagraph 1 – point d
Article 38 – paragraph 3 – subparagraph 1 – point d
(d) where disclosure risks threatening the rights and freedoms of the persons or entities concerned as protected by the Charter of Fundamental Rights of the European Union or seriously harming the commercial interests of the recipients;
Amendment 205 #
2022/0162(COD)
Proposal for a regulation
Article 38 – paragraph 3 – subparagraph 1 – point e
Article 38 – paragraph 3 – subparagraph 1 – point e
(e) where it is not requirallowed for publication in sector-specific rules where the budget is implemented in accordance with Article 62(1), first subparagraph, point (b) .
Amendment 206 #
2022/0162(COD)
Proposal for a regulation
Article 38 – paragraph 6 – subparagraph 1
Article 38 – paragraph 6 – subparagraph 1
Amendment 207 #
2022/0162(COD)
Proposal for a regulation
Article 38 a (new)
Article 38 a (new)
Article 38 a Visibility of the budget 1. In accordance with the principle of transparency and proportionality, the Commission shall ensure the visibility of the Union's budget. The Commission shall report to the European Parliament and the Council annually on the development of the visibility of the Union's budget and its added values, and include successful visibility approaches in order to encourage best practises sharing with beneficiaries. 2. To further increase the EU citizens' identification with and sense of community within the Union, all new communication efforts shall make the citizens' connection to the budget more visible by using the statements ‘Funded by the citizens of the European Union’ or ‘Co-funded by the citizens of the European Union’ next to the emblem of the Union.
Amendment 210 #
2022/0162(COD)
Proposal for a regulation
Article 52 – paragraph 1 – point d – point iii – indent 3
Article 52 – paragraph 1 – point d – point iii – indent 3
— a comprehensive overview of borrowing and lending operations; that overview shall provide inter alia detailed information on maturities, schedule of payments, interest due, the underlying data and the methodology used to estimate the interest due (including through comprehensive graphs and figures), investor base, where applicable dimension and costs of the common liquidity pool underpinning the diversified funding strategy and on the role of own resources in the repayment of the debt, and information on expected annual amount to borrow in the following years and estimated amount available under the own resources ceiling to cover this borrowing;
Amendment 217 #
2022/0162(COD)
Proposal for a regulation
Article 63 – paragraph 1
Article 63 – paragraph 1
1. Where the Commission implements the budget under shared management, tasks relating to budget implementation shall be delegated to Member States. The Commission and Member States shall respect the principles of sound financial management, transparency, the provisions of Regulation (EU, Euratom) 2020/2092 on a general regime of conditionality for the protection of the Union budget, the fundamental rights set out in the Charter of Fundamental rights including equality between women and men and non- discrimination and shall ensure the visibility of the Union action and its added value when they manage Union funds. To that end, the Commission and Member States shall fulfil their respective control and audit obligations and assume the resulting responsibilities laid down in this Regulation. Complementary provisions shall be laid down in sector-specific rules.
Amendment 218 #
2022/0162(COD)
Proposal for a regulation
Article 63 – paragraph 8 – subparagraph 1 – point c a (new)
Article 63 – paragraph 8 – subparagraph 1 – point c a (new)
(c a) interrupt payment deadlines or suspend payments in case of non- compliance with Article 6 (2) and (3) putting at risk the legality of expenditure.
Amendment 224 #
2022/0162(COD)
Proposal for a regulation
Article 126 – paragraph 1 – subparagraph 1 – introductory part
Article 126 – paragraph 1 – subparagraph 1 – introductory part
Union contributions under direct, shared and indirect management shall help achieve a Union policy objective and the results specified, shall not substitute recurring national budgetary expenditure, shall respect the principle of additionality of Union funding and may take any of the following forms:
Amendment 232 #
2022/0162(COD)
Proposal for a regulation
Article 133 – paragraph 3 – subparagraph 1 – point c a (new)
Article 133 – paragraph 3 – subparagraph 1 – point c a (new)
(c a) non-compliance with Article 6 (2) and (3) puts the legality of expenditure at risk.
Amendment 240 #
2022/0162(COD)
Proposal for a regulation
Article 139 – paragraph 2
Article 139 – paragraph 2
Amendment 242 #
2022/0162(COD)
Proposal for a regulation
Article 139 – paragraph 8
Article 139 – paragraph 8
8. At the request of the authorising officer, and where the nature or the circumstances of the case requires it, a referral for a recommendation of the panel referred in Article 146 may be treated by means of expedited procedure, without prejudice to the right to be heard of the person or entity concerned, and only where the nature or the circumstances of the case requires it, such as where: (a) a final judgment or a final administrative decision has been issued by a Member State’s authority that does not include the duration of exclusion. (b) a final judgment or a final administrative decision has been issued in a third country which is subject to the jurisdiction of the European Court of Human Rights. (c) a sanction has been already imposed on the person or entity by virtue of a decision of (i) international organisations or their agencies, (ii) EIB, (iii) EIF, where these organisations have been considered to apply equivalent sanction procedures under Article 158.
Amendment 246 #
2022/0162(COD)
Proposal for a regulation
Article 143 – paragraph 1 – subparagraph 1 – introductory part
Article 143 – paragraph 1 – subparagraph 1 – introductory part
In order to, where necessary, reinforce the deterrent effect of the exclusion and/or financial penalty, the Commission shall, subject to a decision of the authorising officer responsible, publish on its website the following information related to the exclusion and, where applicable, the financial penalty in the cases referred to in points (c) to (hi) of Article 139(1):
Amendment 253 #
2022/0162(COD)
Proposal for a regulation
Article 145 – paragraph 5 – subparagraph 2
Article 145 – paragraph 5 – subparagraph 2
Amendment 258 #
2022/0162(COD)
Proposal for a regulation
Article 158 – paragraph 2
Article 158 – paragraph 2
2. Persons and entities entrusted with the implementation of Union funds or budgetary guarantees pursuant to point (c) of the first subparagraph of Article 62(1) shall respect the principles of sound financial management, transparency, the provisions of Regulation (EU, Euratom) 2020/2092 on a general regime of conditionality for the protection of the Union budget, fundamental rights set out in the Charter of Fundamental rights including equality between women and men, non- discrimination and shall ensure visibility of Union action and its added value. Where the Commission establishes financial framework partnership agreements in accordance with Article 130 those principles shall be further described in such agreements.
Amendment 129 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) 806/2014
Article 41 a – paragraph 2
Article 41 a – paragraph 2
2. In case a participating DGS encounters a payout event or is used in resolution in accordance with Article 79 of this Regulation, it may claim funding from the DIF of up to 20% of its liquidity shortfall as set out in Article 41b.
Amendment 272 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 –subparagraph 2
Article 74 c – paragraph 5 –subparagraph 2
Amendment 275 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 –subparagraph 3
Article 74 c – paragraph 5 –subparagraph 3
Amendment 277 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 34
Article 1 – paragraph 1 – point 34
Regulation (EU) No 806/2014
Article 74 c – paragraph 5 –subparagraph 4 – introductory part
Article 74 c – paragraph 5 –subparagraph 4 – introductory part
Amendment 310 #
2015/0270(COD)
Proposal for a regulation
Article 1 – paragraph 1 – point 39 a (new)
Article 1 – paragraph 1 – point 39 a (new)
Regulation (EU) No 806/2014
Article 94 – paragraph 3 a (new)
Article 94 – paragraph 3 a (new)
39a. In Article 94, the following paragraph is added: ‘3a. By 31 December one year after entry into force of this amending Regulation the Commission shall review the functioning of EDIS I. The review shall assess in particular the following: (a) the adequacy of funding mechanism and target level of EDIS I, including the ratio between the flat-rate and risk- adjusted contributions, and the cases of use of the liquidity mechanism; (b) The target level of the EDIS I vis-a-vis the target levels of the participating DGS, taking into account the benefit of pooling of funds; (b) the scope of measures financed by EDIS I under article 41a and the entities referred to in Article 2(2), point (b); (c) the appropriateness and necessity of an extension of EDIS I from providing liquidity support to deposit insurance mechanisms, taking into account the progress made towards the completion of the banking union; (d) the appropriateness of introducing a publicly funded backstop mechanism or the DIF. The Commission shall submit a report to the European Parliament and the Council. Where appropriate the review shall be accompanied with a legislative proposal.